|
APA APB AXC
APA
APA - ApexHi - Reviewed interim results for the six months ended 31
December 2006 and quarterly distribution declaration
for the three months ended 31 December 2006
ApexHi Properties Limited
(Incorporated in the Republic of South Africa)
(Registration number 1999/000238/06)
Share code: APA ISIN: ZAE000083598
Share code: APB ISIN: ZAE000083606
Share code: AXC ISIN: ZAE000083580
("ApexHi" or "the company")
Reviewed interim results for the six months ended 31 December 2006
and quarterly distribution declaration for the three months ended 31
December 2006
These interim results have been reviewed by the independent
auditors, Grant Thornton. Their unqualified review report is
available for inspection at the company`s registered office.
HIGHLIGHTS
* A and B unit distributions increase by 19,7%
* Successful implementation of the C unit
* 10% BEE introduced at equity level
* Market capitalisation exceeds R9,3 billion
Reviewed interim results for the six months ended 31 December 2006
and quarterly distribution declaration for the three months ended 31
December 2006
FINANCIAL REVIEW
Results
The results for the six months include R15,2 million received in
respect of a profit sharing arrangement with Matemeku Property
Acquisitions 104 (Pty) Limited ("Matemeku"). In May 2006 ApexHi
advanced R84,5 million to Matemeku to acquire a 40,6% interest in
Calulo Property Fund Limited ("Calulo"). Matemeku sold its shares in
Calulo at a profit and repaid the loan in October 2006. ApexHi`s
share of the profit amounted to R15,2 million which equates to a 6
cent distribution per combined unit and is included in the 73 cents
distribution for the second quarter.
The second quarter`s distributable earnings (before taking into
account the R15,2 million) reflects no growth due to the receipt of
a lease cancellation fee in the first quarter, repair and
maintenance expenditure in the second quarter budgeted in the first
quarter and the increased asset management fee as a result of the
strengthening of the combined unit price during the second quarter.
Distributions (cents per unit)
Quarter 1 Quarter Six Six
2 months months
July to October July to July to
to
September December December December %
2006 2006 2006 2005 Increase
A unit 30,15 32,85 63,00 52,65 19,7
B unit 36,85 40,15 77,00 64,35 19,7
67,00 73,00 140,00 117,00 19,7
The C unit will participate in income distributions when the
combined annual distribution exceeds R3,00.
Prospects
Property fundamentals remain strong and notwithstanding the R15,2
million profit share on the Matemeku transaction earned in the first
half, distributions for the second half of the 2007 financial year
are expected to exceed those for the first six months. ApexHi
anticipates superior growth in distributions for the full year
ending 30 June 2007, however, the rate of distribution growth for
the full year is not expected to be as high as the interim period.
This profit forecast has not been reviewed or reported on by
ApexHi`s auditors.
Capital structure
Introduction of the C unit
On 18 September 2006, unit holders voted in favour of the company
subdividing the current A and B units in order to create new C units
and altering the rights attaching to the A and B units. All existing
unit holders received, at no cost, 45 C units for every 100 A units
held and 55 C units for every 100 B units held. This resulted in 249
936 400 C units being issued, which were listed on the JSE on 9
October 2006. Unit holders were then required (in terms of a scheme
of arrangement) to sell 30% of the C units acquired by them, to a
BEE consortium for R2 a unit. The BEE consortium comprises
Clearwater Capital, a black investment company owned and controlled
by the KwaZulu-Natal based Mehta family and a broad based black
economic empowerment ("BBBEE") scheme. Clearwater Capital acquired
37 500 000 C units and 37 480 920 units were acquired by the BBBEE
scheme. Together, the BEE consortium have 10% of the voting rights
in ApexHi.
Rights to income distributions
Combined annual A unit B unit C unit
unit
distributions
R2,27 to R3,00 45% of 55% of no
distribution distribution entitlement
R3,00 to R3,75 R1,35 R1,65 balance of
distribution
over R3,75 36% of 44% of 20% of
distribution distribution distribution
Property portfolio
Valuation of property portfolio
The properties were revalued to R7,6 billion by the directors at 31
December 2006. The revaluation has resulted in a fair value
adjustment in the income statement of R780 million, representing an
11,5% increase over the prior valuation. The revalued portfolio
reflects an average yield of approximately 11,7% (30 June 2006:
13%).
The portfolio comprises a total of 436 properties worth R7,6 billion
with a lettable area of 2 568 616m2 of which 215 185m2 (8,4%) is
vacant.
Lettable area Vacancy
Sectoral composition m2 % m2 %
Retail 1 190 015 46 84 831 7,1
Office 924 053 36 119 256 12,9
Industrial 454 548 18 11 098 2,4
2 568 616 100 215 185 8,4
Acquisitions
During the period under review, 10 properties were acquired for
R148,5 million, at an average yield before gearing of 11,6%. The
total purchase consideration of R148,5 million was settled by the
issuing of 815 502 A and B units at R28,20 per combined unit and
R125,5 million in cash.
Disposals
In line with ApexHi`s strategy to dispose of properties which no
longer meet its investment criteria, 18 properties were sold for
R113,4 million, at an average forward yield of 5%. A surplus of
R4,1 million was recorded on the book value. The proceeds were used
to reduce floating debt currently bearing interest of 11,5%.
Capital expenditure
During the period under review, R138 million was spent on
refurbishing and upgrading the property portfolio at yield enhancing
returns. Some of the major refurbishments include:
* Cleary Park - R33,4 million (yielding 12,5%)
* Mahube City - R32,0 million (yielding 11%)
* Rivonia Square - R25,4 million (yielding 10,4%)
* 17 Harrison Street - R23,2 million (yielding 13,9%)
* Koponong - R7,7 million (yielding 12,5%)
Letting activity
Letting activity: 1 July 2006 to 31 December 2006
Total Unlettable Lettable
area area area
m2 m2* m2
Adjusted portfolio as at 1 2 561 11 768 2 550 164
July 2006 932
Properties acquired 109 940 109 940
Properties disposed (91 488) (91 488)
2 580 11 768 2 568 616
384
Net letting position
Leases expired during period
Total lettings during period
- Renewals
- New lettings
Portfolio as at 31 December 2 580 11 768 2 568 616
2006 384
Vacant Let
area area
m2 % m2 %
Adjusted portfolio as at 1 241 390 9 2 308 774
July 2006
Properties acquired 14 754 13 95 186 87
Properties disposed (25 549) 28 (65 939) 72
230 595 9 2 338 021 91
Net letting position (15 410) 15 410
Leases expired during period 306 147 (306 147)
Total lettings during period (321 321 557
557)
- Renewals (230 75 230 919
919)
- New lettings (90 638) 90 638
Portfolio as at 31 December 215 185 8 2 353 431 92
2006
* Represents mothballed space
Renewals: Sectoral breakdown
Average Average
Area expiry achieved
renewed rental rental %
Sector m2 Rm2 Rm2 increase
Retail 107 387 46,49 50,05 8
Office 98 644 36,16 42,59 18
Industrial 24 888 11,39 14,14 24
Total 230 919 38,29 42,99 12
The average rental growth on lease renewals was 12% on expiry
rentals, with office and industrial rentals achieving growth of 18%
and 24% respectively. The retail sector achieved growth of 8%
despite the following major retail rent reversions:
* The Truworths lease at Middestad expired on 31 July 2006 and was
renewed at a reduction of R83 000 per month.
* The Super Group lease (10 000m2) at Rand Stadium Toyota expired on
31 October 2006 and was renewed at a reduction of R77 000 per month.
* 4 242m2 was renewed at OK Klerksdorp at a reduction of R75 000 per
month.
Major office lease renewals include:
* A three year lease with the Department of Correctional Services
(26 966m2) at Poyntons.
* A three year lease concluded with SANDF (22 727m2) at Poyntons.
Borrowings
R1,365 billion (82%) of the R1,668 billion debt is fixed at an
average all inclusive rate of 10,27% p.a, for an average period of
six years. The floating debt of approximately R300 million is linked
to prime and any fluctuation in prime does not generally result in
higher borrowing costs as surplus funds, up to a maximum of the
floating debt, are invested at the same rate using an access
facility.
Liquidity, unit prices and total returns: 1 July 2006 - 31 December
2006
Unit Unit
price: price:
% 30 June 31 Dec Share of
traded 2006 2006 C unit
A unit 26 12,10 14,75 1,41
B unit 25 12,90 17,94 1,72
C unit * 32 2,00 4,40
Cash Interest Total
from C distri- return
unit bution Total %
A unit 0,27 0,60 17,03 41
B unit 0,33 0,73 20,72 61
C unit * 4,40 120
* Issued on 9 October 2006 at R2,00.
ApexHi achieved a combined total return of 54% for the six months
ended 31 December 2006 compared with the property loan stock index
total return of 26%.
Changes to the Directorate
Mr Jeffrey Dritz was appointed to the board on 9 October 2006, Mr
Deon Jeffrey Feinblum resigned from the board on 13 October 2006 and
Mr William Michael Kirchmann resigned from the board with effect
from 6 December 2006.
Post balance sheet events
Acquisitions
Purchase
price
Property Location Sector R`000
Department of Home Pretoria Office 120 750
Affairs *
Premier Milling * Durban Industrial 118 700
Premier Milling * Waltloo Industrial 114 000
De Bruin Park * Pretoria Office 100 000
Wheat Board * Pretoria Office 47 200
Nosa Pretoria Office 13 800
Premier Milling * Pinetown Industrial 12 300
Transwire Midrand Retail 9 500
536 250
Initial
yield
Number Issue before
Cash of units price gearing
Property R`000 issued R %
Department of Home 3 450 000 35,00 11,3
Affairs *
Premier Milling * 3 391 429 35,00 10,0
Premier Milling * 3 257 143 35,00 14,8
De Bruin Park * 2 857 143 35,00 11,0
Wheat Board * 1 348 571 35,00 11,7
Nosa 13 800 11,0
Premier Milling * 351 429 35,00 10,0
Transwire 9 500 11,4
23 300 14 655 715 11,7
* Approval by Competition Commission required.
Commitments
Authorised capital improvements still to be spent on investment
properties total R102,4 million.
Disposals
Property Location Sector
11 Diagonal Johannesburg Office
Vineyard Stellenbosch Office
West Street Parkade Johannesburg Retail
I-Talk House Durban Retail
Twinell Cape Town Office
Nedbank Newcastle Office and
retail
122 de Korte Street Braamfontein Office
Perm St Georges Mall Cape Town Office
Checkers Harrismith Retail
Ellerines Umtata Retail
Perm Springs Office
First National Bank Randfontein Retail
Perm Parow Office and
retail
Furniture City Krugersdorp Retail
Amethyst Carletonville Retail
Perm Krugersdorp Office and
retail
15 Hartley Street Bloemfontein Industrial
Corpgro Bloemfontein Industrial
Absa Scottburgh Retail
Ellerines Terminus East London Retail
Street
Nedbank Parow Office and
retail
Ellerines Hluhluwe Retail
Fidux Centre Vanderbijlpark Retail
Ellerines Bloemfontein Retail
Perm Welkom Office and
retail
Town Talk Springs Retail
Ellerines Kakamas Retail
Perm Benoni Office and
retail
Premier Mine Cullinan Retail
Acme Store Port Elizabeth Retail
Erf 755 Denver Denver Vacant land
Ellerines 2 Virginia Retail
Ellerines 1 Virginia Retail
Surplus/
(deficit) Forward
Net on original selling
selling
price cost yield
Property R`000 R`000 %
11 Diagonal 104 000 55 013 9
Vineyard 32 000 15 801 5
West Street Parkade 20 000 17 130 6
I-Talk House 17 150 7 538 13
Twinell 16 000 1 522 7
Nedbank 9 100 (510) 14
122 de Korte Street 8 750 2 284 8
Perm St Georges Mall 8 000 7 253 6
Checkers 7 800 (870) 11
Ellerines 7 170 523 11
Perm 5 800 267 12
First National Bank 4 600 1 500 13
Perm 4 100 2 218 11
Furniture City 4 000 (1 780) 11
Amethyst 3 800 43 12
Perm 3 050 476 3
15 Hartley Street 3 000 (3 330) 11
Corpgro 3 000 (1 322) 12
Absa 2 800 (234) 12
Ellerines Terminus 2 696 (194) 11
Street
Nedbank 2 350 1 004 10
Ellerines 2 300 422 9
Fidux Centre 2 300 277 1
Ellerines 2 009 (14) 12
Perm 1 900 (329) 11
Town Talk 1 560 (29) 12
Ellerines 1 530 (348) 11
Perm 1 500 454 6
Premier Mine 1 350 831 8
Acme Store 1 300 (1 301) 16
Erf 755 Denver 1 000 750 -
Ellerines 2 610 393 14
Ellerines 1 260 (665) (2)
286 785 104 773 9
Portfolio after post balance sheet event acquisitions and
Disposals
At 31 Dec % After %
2006
Property portfolio 7 639 939 7 889 404
(R`000)
Gearing (R`000) 1 668 139 1 404 654
% gearing 22 18
Number of units in issue 249 936 400 264 592
115
Number of properties 436 412
Lettable area (m2) 2 568 616 2 658 768
- Retail 1 190 015 46 1 160 148 44
- Office 924 053 36 930 335 35
- Industrial 454 548 18 568 285 21
Vacancies 215 185 188 293
- Retail 84 831 7 79 018 7
- Office 119 256 13 98 177 11
- Industrial 11 098 2 11 098 2
Vacancy % 8,4 7,1
INTERIM FINANCIAL STATEMENTS
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.
All accounting policies are consistent with those used in the annual
financial statements for the year ended 30 June 2006.
Reviewed Reviewed Audited
31 December 31 December 30 June
2006 2005 2006
CONDENSED BALANCE R`000 R`000 R`000
SHEET
ASSETS
Non-current assets 7 318 078 5 225 557 6 484 875
Investment properties 7 137 883 4 970 037 6 330 173
Straight-line rental 134 976 79 550 116 660
income accrual
Tenant installations 45 219 39 449 38 042
Listed investment - 136 521 -
Current assets 423 227 327 635 446 597
Non current assets 286 785 15 950 146 958
held for sale
Total assets 8 028 090 5 569 142 7 078 430
EQUITY AND
LIABILITIES
Share capital and 1 751 290 418 012 1 152 032
reserves
Non-current 5 926 763 4 862 672 5 610 796
liabilities
Debenture capital and 3 621 883 3 258 797 3 630 584
premium
Deferred taxation 636 741 78 274 424 306
Interest bearing 1 668 139 1 525 601 1 555 906
borrowings
Current liabilities 350 037 288 458 315 602
Total equity and 8 028 090 5 569 142 7 078 430
liabilities
NAV per
unit
excluding
Number of NAV per unit deferred
tax
Net asset value (NAV) units in R R
issue
A unit 249 936 400 9,12 9,97
B unit 249 936 400 7,22 8,07
C unit 249 936 400 5,16 6,01
Total - 31 December 21,50 24,05
2006
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 234 498 359 8,74 8,90
B unit 234 498 359 6,94 7,11
Total - 31 December 15,68 16,01
2005
Income Statement
Reviewed Audited
Six months Year ended
ended
31 December 31 December 30 June
2006 2005 2006
R`000 R`000 R`000
Conventional rental 564 222 440 152 963 363
income
Straight-line rental 16 158 19 457 53 339
income accrual
Revenue 580 380 459 609 1 016 702
Property expenses (135 618) (117 253) (247 579)
Administrative (29 757) (21 464) (49 463)
expenses
Tenant installation - (7 857) (5 890) (11 243)
depreciation
Profit from 407 148 315 002 708 417
operations
Finance costs (73 458) (65 146) (134 734)
Interest income 32 082 10 467 27 476
Investment income - 5 741 9 241
Profit before 365 772 266 064 610 400
debenture interest
Debenture interest (349 614) (246 450) (557 061)
Profit after 16 158 19 614 53 339
debenture interest
Capital and other 795 535 (366 188) 710 716
items not distributed
Change in fair value 779 597 (365 141) 690 625
of investment
properties
Straight-line rental (16 158) (19 457) (53 339)
income accrual
Amortisation of 27 964 17 096 41 898
debenture premium
Net surplus on 4 132 1 314 6 378
disposal of
investment properties
Net surplus on - - 25 154
disposal of listed
investment
Profit/(loss) before 811 693 (346 574) 764 055
taxation
Taxation (212 435) 24 167 (242 076)
Net profit/(loss) 599 258 (322 407) 521 979
after taxation
Reconciliation
between earnings,
headline earnings and
distributable
earnings:
Net profit/(loss) 599 258 (322 407) 521 979
after taxation
Adjusted for
Debenture interest 349 614 246 450 557 061
Earnings - units 948 872 (75 957) 1 079 040
Adjusted for:
Change in fair value (555 690) 354 788 (410 678)
of investment
properties - net of
taxation
Net surplus on (4 132) (1 314) (6 378)
disposal of
investment properties
Net surplus on - - (25 154)
disposal of listed
investment
Headline earnings - 389 050 277 517 636 830
units
Straight-line rental (11 472) (13 814) (37 871)
income accrual - net
of taxation
Amortisation of (27 964) (17 096) (41 898)
debenture premium
Distributable 349 614 246 607 557 061
earnings
Weighted Headline
average Distribution Earnings
earnings
number per unit per unit per
unit
of units (cents) (cents) (cents)
A unit 249 724 63,00 182,75 70,67
416
B unit 249 724 77,00 197,22 85,12
416
C unit (listed 9 - - - -
October 2006)
Total - six months 140,00 379,97 155,79
to 31 December
2006
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 30 244,00 472,63 278,94
June 2006
A unit 210 640 52,65 (24,62) 59,29
935
B unit 210 640 64,35 (11,44) 72,46
935
Total - six months 117,00 (36,06) 131,75
to 31 December
2005
Statement Of Changes In Equity
Non-
distributable
Share Share
capital premium reserve
R`000 R`000 R`000
Balance at 1 July 38 28 095 40 445
2005
Issue of ordinary 9 35 403
shares
Net loss for the
period
Realised accumulated
net write-up of
investment
properties sold
Net surplus on
disposal of
investment
properties
Revaluation of
listed investments
Amortisation of 17 096
debenture premium
Transfer from fair-
value reserve (net
of deferred tax)
Balance at 31 47 63 498 57 541
December 2005
Balance at 1 July 50 63 528 77 320
2006
Net profit for the
period
Realised accumulated
net write-down of
investment
properties sold
Net surplus on
disposal of
investment
properties
Amortisation of 27 964
debenture premium
Transfer to fair-
value reserve (net
of deferred tax)
Balance at 31 50 63 528 105 284
December 2006
Fair Accumu-
Capital value lated
STATEMENT OF reserve reserve loss Total
CHANGES IN EQUITY R`000 R`000 R`000 R`000
Balance at 1 July 15 216 637 501 (26 801) 694 494
2005
Issue of ordinary 35 412
shares
Net loss for the (322 407) (322 407)
period
Realised accumulated 44 927 (44 927) -
net write-up of
investment
properties sold
Net surplus on 1 314 (1 314) -
disposal of
investment
properties
Revaluation of 10 513 10 513
listed investments
Amortisation of (17 096) -
debenture premium
Transfer from fair- (338 152) 338 152 -
value reserve (net
of deferred tax)
Balance at 31 61 457 264 935 (29 466) 418 012
December 2005
Balance at 1 July 85 831 937 524 (12 221) 1 152 032
2006
Net profit for the 599 258 599 258
period
Realised accumulated (2 715) 2 715 -
net write-down of
investment
properties sold
Net surplus on 4 132 (4 132) -
disposal of
investment
properties
Amortisation of (27 964) -
debenture premium
Transfer to fair- 567 162 (567 162) -
value reserve (net
of deferred tax)
Balance at 31 87 248 1 507 401 (12 221) 1 751 290
December 2006
Cash Flow Statement
Reviewed Reviewed Audited
31 December 31 December 30 June
2006 2005 2006
R`000 R`000 R`000
OPERATING ACTIVITIES
Cash generated from 466 836 323 496 588 308
operations
Finance costs (73 458) (65 146) (134 734)
Interest income 32 082 10 467 27 476
Investment income - 5 741 9 241
Debenture interest (331 580) (217 300) (500 814)
paid
Net cash generated 93 880 57 258 (10 523)
from/(utilised in)
operating activities
INVESTING ACTIVITIES
Purchase of (306 107) (1 657 673) (2 149 661)
investment properties
including capitalised
improvements,
transaction and
letting costs
Proceeds on disposal 113 441 194 014 219 458
of investment
properties
Proceeds on disposal - - 136 521
of listed investment
Purchase of listed - (24 575) (25 008)
investment including
transaction costs
Net cash utilised in (192 666) (1 488 234) (1 818 690)
investing activities
FINANCING ACTIVITIES
Issue of A, B and C 19 263 1 110 515 1 502 114
units
Interest bearing 112 233 363 264 393 569
borrowings raised
Net cash generated 131 496 1 473 779 1 895 683
from financing
activities
Net increase in cash 32 710 42 803 66 470
and cash equivalents
Cash and cash 238 784 172 314 172 314
equivalents at
beginning of period
Cash and cash 271 494 215 117 238 784
equivalents at end of
period
Segmental Information
Indust-
Office Retail rial
R`000 % R`000 % R`000 %
Conventional 222 781 40 292 533 52 46 977 8
rental income
Straight-line 2 567 16 11 768 73 1 823 11
rental income
accrual
Revenue 225 348 39 304 301 53 48 800 8
Property expenses (55 594) 41 (72 290) 53 (7 734) 6
Administrative
expenses
Tenant (5 735) 73 (1 718) 22 (404) 5
installation -
depreciation
Segment profit 164 019 38 230 293 53 40 662 9
from operations
Finance costs
Interest income 86 236 18
Segment profit 164 105 38 230 529 53 40 680 9
before debenture
interest
Debenture
interest
Segment profit 164 105 230 529 40 680
after debenture
interest
Change in fair 370 586 325 082 83 929
value of
investment
properties
Straight-line (2 567) (11 768) (1 823)
rental income
accrual
Amortisation of
debenture premium
Net (602) 65 4 669
(loss)/surplus on
disposal of
investment
properties
531 522 44 543 908 45 127 455 11
Other information
Investment 2 435 387 34 4 155 683 58 546 813 8
properties
Other assets 290 611 251 057 39 558
Total assets 2 725 998 35 4 406 740 57 586 371 8
Total liabilities 46 084 74 327 12 073
Total Corp-
investment orate
SEGMENTAL properties costs Total
INFORMATION R`000 R`000 R`000
Conventional 562 291 1 931 564 222
rental income
Straight-line 16 158 16 158
rental income
accrual
Revenue 578 449 1 931 580 380
Property expenses (135 618) (135 618)
Administrative (29 757) (29 757)
expenses
Tenant (7 857) (7 857)
installation -
depreciation
Segment profit 434 974 (27 826) 407 148
from operations
Finance costs (73 458) (73 458)
Interest income 340 31 742 32 082
Segment profit 435 314 (69 542) 365 772
before debenture
interest
Debenture interest (349 614) (349 614)
Segment profit 435 314 (419 156) 16 158
after debenture
interest
Change in fair 779 597 779 597
value of
investment
properties
Straight-line (16 158) (16 158)
rental income
accrual
Amortisation of 27 964 27 964
debenture premium
Net (loss)/surplus 4 132 4 132
on disposal of
investment
properties
1 202 885 (391 192) 811 693
Other information
Investment 7 137 883 7 137 883
properties
Other assets 581 226 308 981 890 207
Total assets 7 719 109 308 981 8 028 090
Total liabilities 132 484 6 144 316 6 276 800
Related party transactions
Six months Year ended
ended
31 December 30 June
2006 2006
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. 23 119 37 914
of the market capitalisation
plus borrowings of the company)
The beneficiaries of the trust
at 31 December 2006 are:
Madison Property Fund Managers 100% 100%
Limited*
* Shares held by ApexHi
directors in Madison Property
Fund Managers Limited at 31
December 2006:
M Wainer 13,16% 13,16%
W E Cesman 13,16% 13,16%
C van Wyk 0,36% 0,63%
All of the above were directors of ApexHi throughout the period.
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
staff employed by the company, with the exception of the chief
executive officer.
Distribution
Unit holders are advised that interest distribution number 23 in
respect of the quarter
1 October 2006 to 31 December 2006 has been declared as follows:
- In respect of the A unit - 32,85 cents (2005: 26,77 cents), a
22,71% increase
- In respect of the B unit - 40,15 cents (2005: 32,73 cents), a
22,67% increase
Salient dates
- Last date to trade cum interest Friday, 23 February 2007
- Units will trade ex interest Monday, 26 February 2007
- Record date Friday, 2 March 2007
- Payment of interest distribution Monday, 5 March 2007
number 23
There may be no dematerialisation or re-materialisation of the A and
B units between Monday, 26 February 2007 and Friday, 2 March 2007,
both days inclusive.
By order of the Board
G G L Leissner
Chief Executive Officer
Johannesburg
7 February 2007
DIRECTORS: M Wainer (Chairman), G G L Leissner *(Chief Executive
Officer), D H Rice* (Managing), J F Bihl #, W E Cesman, J Dritz #,
A Rehman #, C van Wyk *
* Executive # Independent
www.apexhi.co.za
Date: 07/02/2007 17:46:59 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 ] | |||||||||||||
|
|||||||||||||
