PUTPROP LIMITED:
INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA
(REGISTRATION NUMBER 1988/001085/06)
SHARE CODE: PPR | ISIN: ZAE000072310
("PUTPROP" OR "THE COMPANY" OR "THE GROUP")
REVIEWED CONDENSED CONSOLIDATED RESULTS FOR THE YEAR ENDED 30 JUNE 2018
Condensed consolidated statement of financial position as at 30 June 2018
Reviewed Audited
2018 2017
R’000 R’000
ASSETS
Non-current assets
Net investment property 573 865 571 941
Gross investment property 592 900 582 758
Straight-line rental income adjustment (19 035) (10 817)
Other non-current assets
Straight-line rental income asset 18 355 9 355
Furniture, fittings computer equipment
and motor vehicles 43 80
Investment in associates 121 697 117 244
Loan to associate 5 458 1 616
Cumulative redeemable preference shares in associate 35 273 32 783
754 691 733 019
Current assets
Straight-line rental income asset 680 1 462
Trade and other receivables 6 476 6 137
Current taxation receivable 911 811
Cash and cash equivalents 3 478 25 490
11 545 33 900
Total assets 766 236 766 919
Equity and liabilities
Equity attributable to owners
of the parent
Stated capital 101 969 101 969
Accumulated profit 461 199 460 051
Total Equity 563 168 562 020
Non-current liabilities
Deferred taxation 46 232 42 434
Loan liabilities 144 395 146 711
190 627 189 145
Current liabilities
Loan Liabilities 5 697 2 909
Trade and other payables 6 744 12 845
12 441 15 754
Total equity and liabilities 766 236 766 919
Condensed consolidated statements of comprehensive income for the year ended 30 June 2018
Reviewed Audited
2018 2017
R’000 R’000
Property rental revenue 62 411 57 281
Operating cost recoveries 10 560 16 584
Gross property revenue 72 971 73 865
Property expenses (19 966) (20 074)
Net profit from property operations 53 005 53 791
Corporate administration expenses (8 852) (7 187)
Investment and other income 4 311 3 788
Share of associates’ (losses)/profits (18 657) 3 049
Operating profit before finance costs 29 807 53 441
Finance costs (15 135) (9 448)
Profit before fair value adjustments 14 672 43 993
Fair value adjustments 1 319 9 104
Profit before taxation 15 992 53 097
Taxation (9 036) (13 790)
Profit and total comprehensive income for the year 6 956 39 307
Attributable to owners of parent 6 956 39 307
Earnings and diluted earnings per share (cents) 15.57 87.99
Condensed consolidated statements of changes in equity for the year ended 30 June 2018
Stated capital Accumulated profit Total
R’000 R’000 R’000
GROUP
Audited balance at 1 July 2016 101 969 426 551 528 520
Profit and total comprehensive income for the year - 39 307 39 307
Dividends paid - (5 807) (5 807)
Audited balance at 30 June 2017 101 969 460 051 562 020
Profit and total comprehensive income for the year - 6 956 6 956
Dividends paid - (5 807) (5 807)
Reviewed balance at 30 June 2018 101 969 461 199 563 168
Condensed consolidated statements of cash ?ows for the year ended 30 June 2018
Reviewed Audited
2018 2017
R’000 R’000
Cash flow generated from/(utilised in) operating activit 7 571 (19 291)
Net cash generated from operations 29 772 53 018
Finance costs (15 135) (9 448)
Investment income 4 079 3 475
Taxation paid (5 338) (20 529)
Dividends paid (5 807) (45 807)
Cash flow (utilised in) investing activities (30 055) (147 202)
Additions and improvements to investment property (2 255) (108 766)
Proceeds on sale of investment properties 1 650 -
Additions to investment in associates (25 608) (36 797)
Loan advanced to associates (3 842) (1 616)
Acquisition of furniture, fittings computer equipment and motor vehicles - (23)
Cash flow from financing activities 472 38 375
Additions to the investment in subsidiary paid to minority shareholders - (5 942)
Cash paid to assume the loans of minority shareholders in the subsidiary - (16 375)
Payments made on borrowings (4 028) (4 155)
Proceeds received on borrowings 4 500 64 847
Net decrease in cash and cash equivalents (22 012) (128 118)
Cash and cash equivalents at beginning of year 25 490 153 608
Cash and cash equivalents at end of year 3 478 25 490
Segmental Analysis for the year ended 30 June 2018
Reviewed
Segment information 30 June 2018 Retail Commercial Industrial Corporate Total
R’000 R’000 R’000 R’000 R’000
Segment revenue
Contractual rental income and recoveries 27 401 18 045 27 526 - 72 971
Total revenue 27 401 18 045 27 526 - 72 971
Share of associates losses (3 980) (14 677) - - (18 657)
Segment result
Operating profit/(loss) 22 762 14 362 16 851 (9 822) 44 153
Finance Costs (8 260) (6 606) - (269) (15 135)
Investment and other income received 4 048 - - 263 4 311
Fair value adjustments to
investment properties 2 929 7 407 (800) - 9 536
Straight line rental adjustment (4 258) (3 660) (300) - (8 217)
Net profit/(loss) before tax 13 243 (3 174) 15 751 (9 828) 15 991
Other information
Property assets 233 700 127 800 231 400 - 592 900
Investment in associates 28 259 93 439 - - 121 697
Loan to associate - 5 458 - - 5 458
Cumulative redeemable preference
shares in associate 35 273 - - - 35 273
Current taxation receivable - - - 911 911
Trade and other receivables 180 463 4 608 1 225 6 476
Cash and cash equivalents - - - 3 478 3 478
Segment assets 297 412 227 160 236 008 5 614 766 193
Loan Liabilities 89 888 60 204 - - 150 092
Trade and other payables 1 502 - 199 5 051 6 752
Segment liabilites 91 390 60 204 199 5 051 156 844
One of the Groups tenants, Larimar Limited contributes approximately 38% (2017: 48%) of the total revenue received.
This revenue falls within the industrial segment.
Segmental Analysis for the year ended 30 June 2017
Audited
Segment information 30 June 2018 Retail Commercial Industrial Corporate Total
R’000 R’000 R’000 R’000 R’000
SEGMENTAL INFORMATION 30 JUNE 2017
Segment revenue
Contractual rental income and recoveries 29 403 5 696 38 765 - 73 865
Total revenue 29 403 5 696 38 765 - 73 865
Share of associates profits/(losses) 4 978 (1 929) - - 3 049
Segmental result
Operating profit/(loss) 20 142 4 625 29 619 (7 783) 46 603
Finance costs (8 734) (648) - (66) (9 448)
Investment and other income received - - - 3 788 3 788
Fair value adjustments to
investment properties 5 133 6 272 2 710 - 14 115
Straight line rental adjustment (1 886) (742) (2 382) - (5 010)
Net profit/(loss) before tax 19 633 7 578 29 947 (4 061) 53 097
Other information
Property assets 210 357 29 472 234 164 - 473 993
Property assets - additions 15 237 93 528 - - 108 765
Investment in associates 31 139 86 105 - - 117 244
Loan to associate - 1 616 - - 1 616
Cumulative redeemable preference
shares in associate 32 784 - - - 32 784
Trade and other receivables 1 592 154 2 607 1 785 6 138
Cash and cash equivalents - - - 25 490 25 490
Segment assets 291 109 210 875 236 771 27 275 766 030
Loan liabilities 88 998 60 622 - - 149 620
Trade and other payables 740 - 816 11 289 12 845
Segment liabilities 89 738 60 622 816 11 289 162 465
One of the Groups tenants, Larimar Limited contributes approximately 38% (2017: 48%) of the total revenue received.
This revenue falls within the industrial segment.
Related Party Transactions for the year ended 30 June 2018
The following are considered related party transactions, all of which have been conducted at arms length:
Related Parties Transactions 2018 2017
Trade Receivables
Larimar Limited 2 504 791
Trade payables
Larimar Limited (31) -
Lease rentals received
Larimar Limited 20 313 27 013
Operating lease recoveries
Larimar Limited 1 897 6 092
Rental expense - Premises
Stephen Hill Mansions 241 241
Insurance expense
Carleo Enterprises 595 560
Amounts outstanding between related parties are unsecured, bear no interest and have no fixed terms of repayment.
Larimar Limited is a fellow subsidiary of Carleo Enterprises Proprietary Limited, Putprop’s Holding Company.
COMMENTARY
"Putprop has changed also over the past 30 years from "a company that owned bus depots in Gauteng" to a Group with interests in all segments of the
property sector, spread over several provinces."
INTRODUCTION
On behalf of the board of directors of the company ("the Board") we are pleased to report to our shareholders and other stakeholders on the 30TH annual
financial results of the Group for the year ended 30 June 2018.
This year marks a special milestone in our reporting to our shareholders, with the Group celebrating 30 years of being listed on the JSE.
On July 4 1988 Putprop was listed on the JSE with a 100% industrial segment profile.
A few facts from our first published annual financial report to shareholders:
* Turnover of R5 million;
* Earnings per share of 9 cents;
* Property portfolio valued at R101 million;
* First dividend of 3 cents per share;
* Annual report consisted of 12 pages - our current report has over 145 pages
A lot has changed since those first days in 1988 both in terms of the Group and South Africa.
The world and South Africa over the past 30 years have seen the invention and wide use of:
* DNA profiling;
* Search engines such as Google;
* E-mail communication;
* Personal computers;
* Instant messaging by SMS or WhatsApp;
* Social Network Services such as Facebook and Twitter;
* Smart phones;
* LED lights and TVs; and
* Broadband internet allowing access to the World Wide Web.
The list goes on.
In South Africa, the country became a democracy for all of its people in April 1994.
Putprop has also changed over the past 30 years from "a company that owned bus depots in Gauteng" to a Group with interests in all segments of the property
sector, spread over several provinces. The property sector too has grown from a 2-3 billion rands to a mega industry approaching one trillion rands.
Putprop has delivered steadily over the past three decades in terms of returns, sustainable profitability and distributions. Our approach has always been
one of conservative growth with the primary objective of building a quality property portfolio evenly spread over all three operating segments, with strong
contractual cash ?ows and capital appreciation. Our dividend distribution policy, with our 30TH consecutive pay-out, continues to provide consistency and
certainty to our shareholders as well as reward them for the trust and confidence they have given to the Group over the past 30 years.
OPERATING ENVIRONMENT
2018 again re?ected a continuation of the volatile markets of the previous year, with stagnant economic growth in the developed economies and reduced
growth in emerging markets. The property market in general traded under very tough conditions. South Africa again struggled to achieve any meaningful
impact with a growth of 1.0% to 1.8% forecast for 2018/2019. The United Kingdom’s exit from the European Union continues to play out, with unknown
consequences. A potential trade war between the world’s two largest economies, the United States and China will, if realised, have a huge impact on all
countries, South Africa included. Interest rate hikes in the United States will result in a period of ?ux and uncertainty in all of the markets. The
property sector will be no exception.
The South African environment remains challenging with a weakening economy, high political volatility and a fast depreciating currency. The "political
spring" experienced with the change in the ANC president and subsequently the country’s leadership seems to have dissipated as the reality of the
challenges that face the country come to be understood. The rand continues to be a state of freefall as a result of many factors least of which is the new
ANC policy of possible land distribution without compensation. Before investor confidence both locally and internationally is restored this issue will have
to have clarity.
The sovereign credit down grade appears to be stable with no movement expected in the next reporting period. All of these factors combined with high youth
unemployment continue to diminish both business and consumer confidence.
Following on, the local property sectors operating environment remains difficult to do business in, with new market forces and variables evident in the
trading year. Listed property has delivered its worst performance in a decade and fund managers do not expect the sector, which has been a reliable
investment for several years, to gain much momentum before 2019.
The FTSE-JSE South African Listed Property Index (Sapy) has suffered a negative total return of 18.1% so far in 2018, according to Anchor Stockbrokers.
This was according to research up to the end of June 2018. Total returns include capital appreciation and dividend growth.
So far in 2018 equities have lost 0.8% and bonds and cash have returned 2.4% and 3.2%, respectively. South African listed property has also performed worse
than all other major listed property markets in the world. Operating conditions remained difficult with rising vacancies, longer collection times and a
deterioration of rental escalations on new leases and renewals.
Competition for stable, low risk tenants remains fierce, with resultant downward pressure on both new rentals and renewals. High value tenants are in an
enviable position when both contracting for new leases or when renewing existing contacts with in some cases extended payment holidays or large discounts
to current market rates being offered to secure or retain such tenants.
With Eskom’s continued above inflation tariff increases and tenants in the majority of our leases, no longer contributing to fixed municipal costs (rates),
downward pressure on profitability is inevitable.
Our vacancy profile remains the greatest challenge facing the Group at present. Demand from new tenants has been dramatically reduced in all segments we
operate in but predominantly in the industrial sector. It appears that the major operators and franchisees in the retail sector have also adopted a
consolidation and wait and see view and curtailed new expansions. The industrial sector also remains static with companies downsizing rather than
expanding. The Group has been unsuccessful in controlling its vacancies in this review period, with a large increase evident. A number of these vacancies
have been previously identified as non-core assets and remain as properties for disposal. The Group has managed to sell certain of these vacant properties
after this reporting period.
BASIS OF PREPARATION
The reviewed condensed consolidated results for the year ended 30 June 2018 have been prepared in accordance with the framework concepts and the
measurement and recognition requirements of the International Financial Reporting Standards (IFRS) and the SAICA Financial Reporting Guides as issued by
the Accounting Practices Committee. The report contains the information required by International Accounting Standards (IAS) 34: Interim Financial
Reporting , and, are in compliance with the Listings Requirements of the JSE Limited and the Companies Act. (Act 71 of 2008). The accounting policies as
well as the methods of computation used in the preparation of the results for the year ended 30 June 2018 are in terms of IFRS and are consistent with
those applied in the audited annual financial statements for the year ended 30 June 2017. There is no significant difference between the carrying amounts
of financial assets and liabilities and their fair value. The results are presented in Rand, which is Putprop Limited’s reporting currency.
The Group’s directors are responsible for the preparation and fair presentation of the reviewed condensed consolidated results and the financial
information has been correctly extracted from the underlying Annual Financial Statements. These results have been prepared by the Group Financial Director,
Mr JE Smith; B.Acc, B.Sc., CIEA, IMM
AUDITORS REVIEW
The results have been reviewed by the Group’s auditors, Mazars. Their unqualified review opinion is available for inspection at the Company’s registered
office. Their review was conducted in accordance with ISRE 2410 "Review of interim financial information performed by the independent auditor of the
entity."
The auditor’s report does not necessarily report on all of the information contained in this announcement/financial results. Shareholders are therefore
advised that in order to obtain a full understanding of the nature of the auditor’s engagement they should obtain a copy of the auditor’s report together
with the accompanying financial information from the issuers registered office.
HEADLINE EARNINGS PER SHARE Group Group Group Group
2018 2018 2017 2017
R’000 Cents R’000 Cents
per share per share
RECONCILIATION OF GROUP NET PROFIT TO HEADLINE EARNINGS
Earnings per share 6 956 15.57 39 307 87.99
Adjusted for:
Net change in fair value of investment property (1 319) (2.95) (14 115) (31.59)
Tax effects of fair value adjustments to property 296 0.662 3 162 7.07
Equity accounting earnings of associates 26 230 58.72 (4 352) (9.74)
Tax effect of equity accounting (5 875) (13.15) 975 2.18
Capital gain on disposal of investment property 307 0.69 - -
Headline earnings and diluted earnings 26 594 59.53 24 977 55.91
Weighted average number of shares 44 672 279 (2017: 44 672 279)
RESULTS
The year under review was challenging for Putprop on many levels. Gross Property revenue was flat, expenses up, profit before taxation down and our vacancy
profile deteriorated significantly. In addition, the Group accounted for a full year of interest costs on all of its financed properties resulting in a
substantial increase in finance charges over 2018.
The review period re?ects a decrease of 44.3% (2017: increase of 31.5%) on Putprop’s profit before taxation, fair value adjustments and finance costs.
Headline earnings at 59.53 cents per share (2017: 55.9 cents per share) were up 6.5%. Group net profit after taxation was down by 82.3% to R6.9 million
(2017: R39.3 million).
The share of associated losses from our investment in these companies was substantial at R18.7 million (2017: R3.1 million profit). This loss arose due
to certain once off expenses in Pilot Peridot as well as a revaluation downwards of certain of the associates property assets. This impacted on the
Group’s results for the current year. Management believes this to be a temporary aberration, and going forward profits should recover.
The accounting treatment for the investment in Pilot Peridot is currently under review and may be subject to change. The directors will keep all
stakeholders informed.
The straight-line rental income adjustment and asset increased significantly due to long term lease rentals in the subsidiary and joint operations taking
effect and the Parktown lease being in effect for a full 12 months in Putprop Limited. Cash decreased due to the additional investment made in Pilot
Peridot and Belle Isle.
Operating cost recoveries decreased as a result of credit recoveries from various municipalities due to previous period over charges.
Corporate administration charges were up due to higher spend on social responsibility projects and rental costs.
Fair value adjustments decreased due to the combined effect of a more conservative portfolio valuation as well as the income of the straight line rental
adjustment.
The directors have decided to declare a final dividend of 7 cents per share payable after 30 June 2018. The total declared dividend for the year is 13 cents
per share (2017: 13 cents).
PROPERTY PORTFOLIO
At 30 June 2018, our property portfolio consisted of 16 (2017: 17) properties, situated primarily in the Johannesburg and Pretoria metropolitan areas of
Gauteng valued at R592.9 million (2017: R582.8 million). The performance of the investment property portfolio was strong with average annual property yields
of over 9% (2017: 9%). The portfolio has a total gross lettable area of 79 702m2 (2017: 82 890 m2).
The Group added to its holdings in two of its associated companies. An additional investment of R13.3 million (2017: R24.9 million) was made in Pilot Peridot
One Proprietary Limited and R3.6 million (2017: R20 million) in Belle Isle Investments Proprietary Limited. Both, of these spends were made to enhance the
Group’s equity position in each company.
The Board in its annual strategy meeting agreed on a view of consolidation and rationalisation for the 2018 year. However, its long-term objective of
diversifying its property portfolio further into commercial and retail properties and also of reducing the risk of its dependence on its major tenant,
Larimar Limited remains in place.
As a consequence, during this review period, the Group did not make any acquisitions. Improvements to certain properties were made.
BOARD CHANGES
Mr Paul Nucci resigned from the Board on 18 May 2018 to pursue other business interests. The Board thanks Mr Nucci for his contributions to the Group and
wishes him well in his future endevours. No other changes occurred in this review period.
The SENS announcement was released on 7 June 2018, advised shareholders that Mrs Anna Novello, Mrs Rene Styber and Mr Gerrit van Heerden have been appointed to
the Board with effect from 1 July 2018.
It is felt that this new enlarged Board will add knowledge, skills, diversity and experience to the Group.
The Board will continue to place emphasis on corporate governance, sustainability and transparency. Our Board committees continue to be active and
effective.
DIRECTORS
D. Torricelli (Chair), B. C. Carleo (CEO), J. E. Smith (CFO), A. Novello , R. Styber*, H. Hartley*, G. Van Heerden*
*Independent Non-executive.
FINAL DIVIDEND
DECLARATION OF FINAL DIVIDEND NO 58
The Board is pleased to announce the declaration of a dividend of 7 cents per ordinary share in respect of the year ended 30 June 2018 (2017: 7 cents),
thus bringing the total dividend payable for the year to 13 cents (2017: 13 cents).
Additional information:
This is a dividend as defined in the Income Tax Act, 1962, and is payable from income reserves. The dividend withholding tax ("DWT") rate is 20%. The net
amount payable to shareholders who are not exempt from DWT is 5.60 cents per share, while the gross amount is 7 cents per share to those shareholders who
are exempt from DWT.
There are 44 672 279 (2017: 44 672 279) ordinary shares in issue; the total dividend amount payable is R3 127 059 (2017: R3 127 059). Putprop’s tax
reference number is 9100097717, and its company registration number is 1988/001085/06
The salient dates are as follows:
Declaration date Thursday, 6 September 2018
Last date to trade to participate Tuesday, 25 September 2018
Trading commences ex dividend Wednesday, 26 September 2018
Record date Friday, 28 September 2018
Date of payment Monday, 1 October 2018
Share certificates may not be dematerialised or rematerialised between Wednesday, 26 September 2018 and Friday, 28 September 2018, both days inclusive.
EVENTS AFTER THE REPORTING DATE
Three of the Group’s non-core portfolio properties, Grand Central, Midrand and Lea Glen 2 and 3 have been sold after 30 June 2018.
As announced on SENS on 29 June 2018, the Group has agreed to repurchase 775 000 of its shares at an offer price of 490 cents per share from Allan Gray
Proprietary Limited, in its capapcity as the duly authorised agent of its clients for a total consideration of R3 797 500 ("Specific Repurchase").
This Specific Repurchase represents 1.73% of Putprop’s current shares in issue and is subject to the approval of shareholders at a General Meeting to be
held on 12 September 2018.
Application will be made to the JSE for the delisting of the shares once the Specific Repurchase has been affected.
There are no other significant subsequent events arising between this reporting date and its release to stakeholders.
PROSPECTS
Available cash resources together with controlled gearing may still be utilised to acquire suitable rental generating properties if exceptional
opportunities present themselves. One of the Group’s main strategies that of further diversification of its rental stream base in order to reduce risk from
a limited number of tenants remains intact. In this review period the Group reduced its dependence on Larimar Limited from 48% to 38%, a pleasing result.
Looking ahead, we believe property fundamentals will be under pressure for the foreseeable future. Growth, if any, in gross domestic product is forecast by
most economists to be in the region of 1.5% for the 2019 year. Trading conditions in the year ahead are expected to remain challenging with growth in the
property sector around 5% to 6%.
Going forward it is the Group’s intention to continue to uphold its policy of strong tenant retention and focus on cost controls, whilst maintaining the
value of its existing portfolio through aggressive maintenance and renovation policies. We will strive to establish and build sustainable partnerships and
joint ventures with organisations of a similar philosophy.
The Group continues to be in discussions with several parties to investigate the possibility of developing certain of our geographically well-positioned
rural properties into large retail outlets or residential areas, with a view to unlocking greater value for shareholders. Substantial progress has been
made in this endeavour. Rezoning should be finalised within 6 months. A decision as to the feasibility of progressing with these projects is expected in
the 2019 year. Suitable partners have also been identified and any project approved by the Board will be on a joint operations basis.
On behalf of the Board
BC Carleo JE Smith
Chief Executive Officer Chief Financial Officer
5 September 2018
Corporate Information
Registration Number: 1988/001085/06
DIRECTORS
Daniele Torricelli (c,d,e,g,h,j) Chairman
Hayden Hartley (b,c,d,e,g,j,k)
Bruno Carleo (a,g,j) Chief Executive Officer
James Smith (a,g,j) Chief Financial Officer
Anna Carleo-Novello (a)
René Styber (c,e,f,d,j)
Gerrit van Heerden (c,e,f,d,j)
A. Executive
B. Chairman Audit and Risk Committee
C. Independent non-executive
D. Member of Audit and Risk Committee
E. Member of the Remuneration, Nomination and Human Resources Committee
F. Chairman Social and Ethics Committee
G. Member Social and Ethics Committee
H. Chairman, Nomination Committee
I. Chairman of Remuneration and Human Resources Committee
J. Member Investment Committee
K. Chairman, Investment Committee
COMPANY SECRETARY TRANSFER SECRETARIES
Acorim Proprietary Limited Computershare Investor Services Proprietary Limited
2nd Floor, North Block 15 Biermann Avenue
Hyde Park Office Tower Rosebank
Corner 6th Road and Jan Smuts Avenue Johannesburg
Hyde Park 2196 2196
AUDITORS LEGAL ADVISORS
Mazars Werksmans
54 Glenhove Road 155 5th Street
Melrose Estate 2196 Sandown
Johannesburg P O Box 10015
Sandton 2196
PRINCIPAL BANKERS INVESTOR RELATIONS AND REGISTERED OFFICE
Absa Bank Limited James Smith
160 Main Street 91 Protea Road
Johannesburg 2000 Chislehurston
Sandton 2196
+27 11 883 8650
james@putprop.co.za
SPONSORS LISTING INFORMATION
Merchantec Capital Putprop Limited was listed on the JSE Limited on 4 July 1988
2nd Floor, North Block JSE code: PPR
Hyde Park Office Tower Sector: Financial - Real Estate
Corner 6th Road and
Jan Smuts Avenue
Hyde Park 2196
Johannesburg
6 September 2018
Date: 06/09/2018 04:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.