DOCSLIB.ORG

Annual Report March 2020

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

INTEGRATED 21020 2020 ANNUAL REPORT SOUTH AFRICA Integrated annual report and annual nancial statements Investec Property Fund Limited Investec Property Fund Limited integrated annual report and nancial statements integrated Property Fund Property Fund Limited GLOSSARY OF TERMS AGM Annual General Meeting AREG L.P AREG Hexagon Co-Invest Vehicle II, LP ASX Australian Securities Exchange AUD Australian Dollar B-BBEE Broad-based black economic empowerment Board Board of directors of IPF CCS Cross-currency swap CGT Capital gains tax CPS Cents per share CSI Corporate social investment DMTN Domestic medium term note Euribor The Euro Interbank offered rate Edcon Edcon Acquisition Proprietary Limited EDT Entrepreneurship Development Trust ERV Expected rental value EUR Euro EV Enterprise value EY Ernst & Young Inc. FECs Forward exchange contracts FVTPL Fair value through profit or loss GAV Gross asset value GBF General banking facility GBP Great British Pound GLA Gross lettable area Group revenue or gross income Revenue from all investments and aggregated on a proportionally consolidated basis Group NOI Group net operating income Hexagon Hexagon Holdco S.a.r.l and Hexagon Holdco S.a.r.l 2 HFS Held for sale HQLA High quality liquid assets IAP Investec Australia Property Fund ICR Interest coverage ratio IPFO Investec Property Fund Offshore Investments Proprietary Limited IFRS International Financial Reporting Standards IRS Interest rate swaps Investec Investec Bank Limited Investec Property or The Manager Investec Property Proprietary Limited IPF or The Fund or The Group Investec Property Fund Limited and its subsidiaries ISAs International Standards on Auditing IT Information technology Izandla or Izandla Property Fund Izandla Property Fund Proprietary Limited JIBAR Johannesburg Interbank Agreed Rate ii INTRODUCING INVESTEC PROPERTY FUND Investec Property Fund Limited Integrated annual report and annual financial statements 2020 1 JSE Johannesburg Stock Exchange King IV Report on Corporate Governance for South Africa 2016 KPI’s Key performance indicators LID Lead Independent Director LTV Loan to value MTM Mark to market NAV Net asset value NPI Net property income PEL Pan-European Logistics platform PELI Pan-European Light Industrial platform POPI Protection of Personal Information Act PPL Profit participating loans REIT Real Estate Investment Trust ROI Return on investment SA South Africa/South African SAICA South African Institute of Chartered Accountants SAPOA South African Property Owners Association SLAs Service level agreements SMME’s Small, medium and micro-sized enterprises U.K. investment/U.K. Fund Nestor Investment Holdings Limited UREP Urban Real Estate Partners WALE Weighted average lease expiry WHT Withholding tax ZAR South African Rand INTRODUCING INVESTEC PROPERTY FUND iii Investec Property Fund Limited integrated annual report and annual financial statements 2020 OUR INTEGRATED REPORT diversification into selected sectors and geographies. As such, Our mission is to be further emphasis is placed this year on our offshore investments, recognised as South encompassing investment portfolios in Europe and the UK. We also examine inherent risks arising from our global operating Africa’s leading REIT. contexts and identify opportunities that influence our ability to create value. Material events and business developments which Over the following pages, occurred after the reporting date are also noted. we demonstrate how we Assurance of information have strived to achieve In preparation of our integrated report, we have ensured that this. We report on our content is aligned with legislative requirements governing the Fund. Furthermore, we employ a combined assurance approach to global businesses and co-ordinate internal and external assurance efforts. This includes assurance provided by our board of directors (page 15) as well as accomplishments, our assurance provided by our independent external auditor, Ernst & strategic aspirations and on Young Inc. (page 96). the value we have generated Forward-looking statements This report contains forward-looking statements in respect of the both financially and socially. Fund’s future performance outcomes. While these statements represent our judgements and future expectations, various future Scope and boundary uncertainties could cause actual results to differ materially from our The Investec Property Fund Group takes pleasure in presenting expectations. Therefore, all forward-looking statements have not its integrated annual report to stakeholders for the year ended been reported on by our auditor. 31 March 2020. Our annual integrated report provides an The Boards’ statement of responsibility overview of our global business activities and performance and The Board recognises its responsibility to ensure the integrity of how these achievements align with our strategic pillars. The South the integrated report and has accordingly addressed all material African portfolio constitutes 65% of our asset base and forms matters that impact our ability to create value for all stakeholders. the foundations of the IPF legacy. In FY2020, the Group has This report was approved by the Board on 30 June 2020. further evolved into a global real estate player through strategic Cross reference tools Retail Office Industrial properties properties properties AUDITED INFORMATION CORPORATE RESPONSIBILITY Denotes information in the risk and remuneration Refers readers to further information in our reports that forms part of the group’s audited annual corporate responsibility report available financial statements on our website: www.investecproperty.com PAGE REFERENCES REPORTING STANDARD Refers readers to information elsewhere in this report Denotes our consideration of a reporting standard WEBSITE Indicates that additional information is available on our website: www.investecproperty.com CLIENT SERVICE VALUE-ADD ASSET MANAGEMENT AND REVENUE SECURITY COST-EFFICIENCY AND SYSTEM EXCELLENCE CAPITAL ALLOCATION AND GROWTH OPTIMISATION FINANCIAL CAPITAL HUMAN CAPITAL INTELLECTUAL CAPITAL SOCIAL AND RELATIONSHIP CAPITAL MANUFACTURED CAPITAL NATURAL CAPITAL Contents Introducing Investec Property Fund 01 Glossary of terms ii About us 3 Timeline of events 4 Reflecting on 2020 with our Chairman 6 Investment portfolio at a glance 8 Business model 12 Leadership 14 Stakeholders 18 Business in context 02 Joint-CEO’s report 24 The world around us 29 Top risks and opportunities 35 Strategic roadmap and progress to date 41 Our performance outcomes 03 Key highlights for the year ended 31 March 2020 47 CFO’s report 48 Balance sheet and treasury management 52 South African portfolio 57 Offshore portfolio 70 Capital allocation 77 Sustainability 80 Transformation and Corporate Social Investment 82 Our governing principles, practices and 04 outcomes Our governing principles, practices and outcomes 84 05 The annual financial statements 95 06 Property portfolio 148 07 Shareholder information 154 INTRODUCING INVESTEC PROPERTY FUND 1 Investec Property Fund Limited integrated annual report and annual financial statements 2020 TO PLEASE ADVISE DEFINITIONS INTRODUCING INVESTEC PROPERTY FUND 2 OUR INTEGRATED REPORT Investec Property Fund Limited integrated annual report and financial statements 2019 ABOUT US 1 Investec Property Fund Limited (IPF or the Fund) is a diversified South African REIT that listed on the JSE on 14 April 2011 (JSE code: IPF) As at 31 March 2020 the Fund managed a diversified asset platform valued at R25.7 billion, comprising an investment portfolio of direct and indirect real estate investments in South Africa, Australia, UK and Europe. In South Africa, the Fund directly owns a sizeable portfolio of 98 properties in the retail, industrial and office sectors valued at R16.9 billion and a 35% interest in Izandla valued at R0.3 billion. This is complemented by substantial property investments in Europe (R6.7 billion) and UK (R1.1 billion) where the Manager has people with INTRODUCING in-country expertise, and a smaller investment in Australia (R0.7 billion) which has been exited since year end. INVESTEC PROPERTY FUND Investec Group 24% 100% Investec Property Fund Limited Investec Property (Pty) Ltd Our organisational structure THE FUND THE MANAGER The Fund’s property portfolio is managed Asset management and property management agreement and operated by Investec Property (Pty) Ltd (the Manager) under the terms of an asset South African Offshore management and property management property property portfolio portfolio agreement. The Investec Group (Investec) holds 24% in the Fund and 100% in the Pan-European U.K. Pan-European Manager. IAP logistics Fund light industrial Industrial and Retail and Light Logistics Commercial Industrial industrial Izandla Retail Office Industrial (35% interest) What makes us different? The driving force behind the Fund is a combination of the hands-on property skills, financial expertise and passion for real estate within The Fund’s ambition is to be recognised as SA’s leading REIT the team, comprising both experienced and young professionals which entails: who operate in a highly collaborative and entrepreneurial • Investing in quality assets; environment. The team prides itself on being property purists • Retaining the best people; with extensive skills and experience in direct real estate and is guided by a senior management team and Board who have had • Delivering an out-of-the-ordinary client experience; and a long history of success in the property sector, dating back to • Delivering
Recommended publications
  • Blackrock Multi Opportunity Absolute Return Fund

    Blackrock Multi Opportunity Absolute Return Fund

    JUNE 2019 BlackRock Multi Opportunity Absolute Return Fund The BlackRock Multi Opportunity Absolute Return Fund (Fund) Annual Fund Review provides an overview of market and fund performance over the twelve months to 30 June 2019, along with some key fund information as at 30 June 2019. early 2018, Australia’s economic growth slowed to an annual Market Commentary – Year in Review rate of just 1.4% for the year to June 2019 – the slowest rate The 12 months from 1 July 2018 to 30 June 2019 exhibited since the Global Financial Crisis in 2009. The RBA reduced distinct periods of market performance and proved to be the cash rate by 0.25% to 1.25% in June 2019 in response to a challenging period for investors with many twists and the broader economic slowdown and several indicators of turns. Global share markets moved higher early in the spare capacity in the Australian economy. Australia’s financial year before declining sharply in the fourth quarter unemployment rate remained low, but this has not translated of 2018 to then rebound in the first half of 2019. The global into any meaningful wage growth. Declining property prices economy continued to grow but showed signs of slowing and weak construction data proved to be major headwinds, down, especially towards the end of 2018 when recession with signs of flow-over effects onto the wider economy. fears took hold of financial markets. Corporate earnings However, investors responded positively to the release of the growth also declined meaningfully but remained slightly Royal Commission report, which appeared less severe than positive for the year.
  • April 17, 2013 the New CFTC Regulatory Regime for Private

    April 17, 2013 the New CFTC Regulatory Regime for Private

    April 17, 2013 The New CFTC Regulatory Regime For Private Fund Managers; First Quarter 2013 Update The enactment of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) and its implementation by the Commodity Futures Trading Commission (“CFTC”) has ushered in a new era of regulation of managers of “private funds.”1 Although not mandated by the Dodd-Frank Act, on April 24, 2012, the CFTC repealed CFTC Rule 4.13(a)(4), the exemption from registration as a “commodity pool operator” under the U.S. Commodity Exchange Act (“CEA”) commonly relied upon by managers of private funds. The impact of this action is addressed in our Alert of August 27, 2012.2 This White Paper provides a survey of some of the most significant aspects of the new swaps regulatory regime mandated by the Dodd-Frank Act that directly impact private fund managers. The CFTC has regulatory authority over “swaps,” the Securities and Exchange Commission (“SEC”) has regulatory authority over “security-based swaps,”3 and the CFTC and SEC share regulatory authority over “mixed swaps.”4 For ease of presentation, this White Paper focuses on the regulatory actions of the CFTC, many of which have been taken in close coordination with the SEC.5 I. Swap Transaction Clearing, Reporting and Recordkeeping Requirements. A. The Obligation to Clear Swaps. A fundamental component of the Dodd-Frank Act is to generally require exchange trading and central clearing of standard swaps in order to decrease systemic risk. Pursuant to Section 2(h) of the CEA, the CFTC may determine that a group, category, type, or class of swap must be centrally cleared.
  • Offshore Hedge Funds Vs

    Offshore Hedge Funds Vs

    Offshore Hedge Funds vs. Onshore Hedge Funds A Fund Associates White Paper, December 2008 White Paper, December 2008 Offshore Hedge Funds Vs. Onshore Hedge Funds Offshore Hedge Funds vs. Onshore Hedge Funds I. Who May Invest In Offshore Hedge Funds Investors in offshore hedge funds are comprised of non-U.S. individuals and institutions as well as U.S. tax- exempt institutions. Institutional investors include entities such as pension funds, endowments, foundations, and other pools of capital whose assets are managed by a group of fiduciaries. Since offshore funds operate on the assumption that the assets they accept are not subject to taxes in the investor’s home jurisdiction, they have no obligation to compile the information needed for an investor to calculate and pay taxes. This means that for practi- cal purposes, U.S. taxable investors are prevented from participating directly in offshore funds, because although they would be legally obligated to report and pay tax on any taxable income earned in the fund, their fund man- ager would be unlikely to supply them with the relevant information. II. General Structural Differences Between Onshore and Offshore Hedge Funds A. Onshore Hedge Funds Most hedge funds domiciled in the U.S. are organized as limited partnerships. This is because the limited partnership structure avoids double taxation of investment returns and grants investors (limited partners) limited liability protection, which shields them from losing more than their investment. The general partner is the fund manager and assumes responsibility for management of the fund’s portfolio as well as man- agement of the business of the partnership.
  • HOW to START an OFFSHORE FUND Starting an Offshore Fund Has Its Complexities

    HOW to START an OFFSHORE FUND Starting an Offshore Fund Has Its Complexities

    HOW TO START AN OFFSHORE FUND Starting an Offshore Fund has its complexities. If you have been a super trader with an impressive track record, it is likely that you are also seeking to enter the international investment fund arena for the first time, with 'seed capital' of between US$500K to US$1 million. This requires starting a private fund, preferably, offshore. To start an Offshore Fund, you need to know the types of specialist services available: Initial Fund Start Up Services • Incorporation of an Offshore Company • Preparation of Private Offering Memorandum (Prospectus), Shareholders' Agreement and Share Subscription Agreement. • Facilitation of Offshore Administration services and Private Offering Memorandum (Prospectus) and Subscription documentation. • Preparation of investor documentation, letters. • Vendor Due Diligence documentation Fund Administration Services • Providing the Offshore Fund its management office and non investment manager-trader operations personnel (if required) • Due diligence checks on Investor under the Anti-Money Laundering (AML) regulations. • Risk Management and Data Recovery services. Investor Management Services • Providing prospective investors with offering memorandum and shareholders' agreement and offering materials • Managing subscription documents • Processing and notifying investment manager and general partner of subscriptions, capital contributions and withdrawals • Distributing financial reports, mailings and electronic communications • Responding to investor inquiries. Accounting Services • Calculation of monthly capital account balances on an economic and tax basis. • Calculation of management fees and performance allocation. • Preparation of monthly financial statements. • Calculation of fees due sales agent. • Interaction with investment managers and traders, banks, counsel and auditors. • Facilitate and manage the preparation of financial statements and year end audit. • Facilitate and manage tax preparation, planning and consulting.
  • Directory of Organisations and Resources for People with Disabilities in South Africa

    Directory of Organisations and Resources for People with Disabilities in South Africa

    DISABILITY ALL SORTS A DIRECTORY OF ORGANISATIONS AND RESOURCES FOR PEOPLE WITH DISABILITIES IN SOUTH AFRICA University of South Africa CONTENTS FOREWORD ADVOCACY — ALL DISABILITIES ADVOCACY — DISABILITY-SPECIFIC ACCOMMODATION (SUGGESTIONS FOR WORK AND EDUCATION) AIRLINES THAT ACCOMMODATE WHEELCHAIRS ARTS ASSISTANCE AND THERAPY DOGS ASSISTIVE DEVICES FOR HIRE ASSISTIVE DEVICES FOR PURCHASE ASSISTIVE DEVICES — MAIL ORDER ASSISTIVE DEVICES — REPAIRS ASSISTIVE DEVICES — RESOURCE AND INFORMATION CENTRE BACK SUPPORT BOOKS, DISABILITY GUIDES AND INFORMATION RESOURCES BRAILLE AND AUDIO PRODUCTION BREATHING SUPPORT BUILDING OF RAMPS BURSARIES CAREGIVERS AND NURSES CAREGIVERS AND NURSES — EASTERN CAPE CAREGIVERS AND NURSES — FREE STATE CAREGIVERS AND NURSES — GAUTENG CAREGIVERS AND NURSES — KWAZULU-NATAL CAREGIVERS AND NURSES — LIMPOPO CAREGIVERS AND NURSES — MPUMALANGA CAREGIVERS AND NURSES — NORTHERN CAPE CAREGIVERS AND NURSES — NORTH WEST CAREGIVERS AND NURSES — WESTERN CAPE CHARITY/GIFT SHOPS COMMUNITY SERVICE ORGANISATIONS COMPENSATION FOR WORKPLACE INJURIES COMPLEMENTARY THERAPIES CONVERSION OF VEHICLES COUNSELLING CRÈCHES DAY CARE CENTRES — EASTERN CAPE DAY CARE CENTRES — FREE STATE 1 DAY CARE CENTRES — GAUTENG DAY CARE CENTRES — KWAZULU-NATAL DAY CARE CENTRES — LIMPOPO DAY CARE CENTRES — MPUMALANGA DAY CARE CENTRES — WESTERN CAPE DISABILITY EQUITY CONSULTANTS DISABILITY MAGAZINES AND NEWSLETTERS DISABILITY MANAGEMENT DISABILITY SENSITISATION PROJECTS DISABILITY STUDIES DRIVING SCHOOLS E-LEARNING END-OF-LIFE DETERMINATION ENTREPRENEURIAL
  • Blackrock Strategic Funds Prospectus 20 May 2021

    Blackrock Strategic Funds Prospectus 20 May 2021

    20 MAY 2021 Prospectus for Switzerland BlackRock Strategic Funds This page is intentionally left blank Contents Page Introduction to BlackRock Strategic Funds 3 Structure 3 Important Notice 4 Distribution 4 Management and Administration 6 Enquiries 6 Board of Directors 7 Glossary 8 Investment Management of the Funds 12 Risk Considerations 13 Specific Risk Considerations 20 Derivatives and Other Complex Instrument Techniques 27 Excessive Trading Policy 40 Share Classes and Form of Shares 40 New Funds or Share Classes 43 Dealing in Fund Shares 43 Prices of Shares 44 Application for Shares 45 Redemption of Shares 46 Conversion of Shares 47 Dividends 48 Calculation of Dividends 49 Fees, Charges and Expenses 50 Taxation 52 Meetings and Reports 56 Appendix A - Summary of Certain Provisions of the Articles and of Company Practice 57 Articles of Association 57 Restrictions on Holding of Shares 57 Funds and Share Classes 58 Valuation Arrangements 59 Net Asset Value and Price Determination 59 Conversion 60 Settlement on Redemptions 60 In Specie Applications and Redemptions 60 Dealings in Shares by the Principal Distributor 61 Default in Settlement 61 Compulsory Redemption 61 Limits on Redemption and Conversion 61 Suspension and Deferrals 61 Transfers 62 Probate 62 Dividends 62 Changes of Policy or Practice 62 Intermediary Arrangements 62 Appendix B - Additional Information 63 History of the Company 63 Directors’ Remuneration and Other Benefits 63 Auditor 63 Administrative Organisation 63 Conflicts of Interest from relationships within the BlackRock
  • How to Start a Hedge Fund in the Us 2018

    How to Start a Hedge Fund in the Us 2018

    HOW TO START A HEDGE FUND IN THE US 2018 THE OFFSHORE DIMENSION ERIC FLAYE, OF CONYERS, SHINES A LIGHT ON THE BVI HEDGE FUND STRUCTURING OPTIONS FOR US SPONSORS any of the initial questions US counsel In contrast, off shore entities (such as a typical BVI will have for a sponsor looking to launch fund) classifi ed as corporations for US tax purposes can a new hedge fund will be about the an- eff ectively ‘block’ any such att ribution of UBTI as they ticipated investor base, as that factor is are not tax-transparent vehicles. If the BVI fund earns fundamental in determining the appro- any UBTI, the character of that income is not passed- priate fund structure. through or otherwise att ributed to its investors. Th is MTh e three key categories of investors are: (i) taxable ‘blocking’ eff ect is the principal reason tax-exempt US US investors; (ii) tax-exempt US investors; and (iii) non- investors generally prefer to invest in off shore funds. US investors. If the anticipated investor base will principally be Non-US investors: such investors generally prefer to Eric Flaye practices in comprised of taxable US investors, as a general propo- invest in off shore funds classifi ed as corporations for the corporate department sition the US sponsor may rely exclusively on domestic US tax purposes so as to keep out of the US tax net (and in the British Virgin Islands jurisdictions (such as Delaware) for all of its potential avoid any att endant requirement to fi le US tax returns).
  • Offshore Hedge Fund Disputes: We're Not in New York Anymore

    Offshore Hedge Fund Disputes: We're Not in New York Anymore

    Offshore Hedge Fund Disputes: We're Not in New York Anymore Jonathan Sablone, Nixon Peabody LLP "Hedge Funds are sophisticated investment vehicles often strict adherence to the fund documents reminiscent of hedgehogs or sea urchins which tend regardless of the sale tactics utilized by the fund, to prick badly if not carefully handled . ." ― Judge and the difficulty encountered by onshore Joseph-Olivetti, Matter Between SV Special authorities looking to investigate, prosecute or seize Situations Fund Limited and Headstart Class F the assets of such funds. In many ways, offshore Holdings Limited, In the High Court of Justice, venues provide idyllic upsides to both fund British Virgin Islands (2008). managers and investors alike. These benefits may be outweighed by the downside of litigating a Introduction dispute offshore, however. Fund managers and investors often discount the offshore legal structure There is perhaps no better summation of the until a problem arises. It is only then that they may offshore legal philosophy, borrowed from English come to realize that offshore legal vehicles are not law, than the above statement by Judge Joseph- for everyone, and may provide insurmountable Olivetti in the SV case. Put simply, offshore problems when a loss of capital liquidity or a jurisdictions, following the lead of courts in the freezing of redemptions occurs. United Kingdom, are much more likely to apply a "buyer beware" standard to hedge fund investors Offshore Venues seeking redress in offshore courts. Both fund managers and institutional investors should Although there are many offshore jurisdictions understand the key differences in offshore law which have become havens for hedge funds and before forming, or investing in, an offshore fund.
  • Taxation of Investments in Funds Jon Garrett Agenda

    Taxation of Investments in Funds Jon Garrett Agenda

    Taxation of investments in funds Jon Garrett Agenda 1. Overview 2. UK funds 3. Offshore funds 4. Non-resident capital gains 2 1. Overview 3 Overview Types of funds Offshore Traditional UK Traditional Mutual Funds (USA) Open Ended Investment Company Unit Investment Trusts (USA) Authorised Unit Trust Common Contractual Fund (Ire) Investment Trust SICAV/SICAF (Lux/France) Real Estate Investment Trust BEVAK/BEVEK (NL/Belgium) Exchange Traded Fund VCIC/ICAV (Ire) Authorised Contractual Scheme Exchange Traded Fund UK Alternative Offshore Alternative UK Limited Partnership Hedge Fund (typically Cayman Islands) Unauthorised Unit Trust Jersey (/G) Property Unit Trust Venture Capital Trust Exchange Traded Fund 4 Overview Investment by life companies Structural investments Reinsured funds Policy Policy Holders Holders Life Company Life Company Reinsurance contract OEIC/TTF Reinsurer Assets Assets 5 2. Taxation of UK Funds 6 Taxation of UK Funds Regulated Funds In the UK, regulated funds are typically established as: • Open-Ended Investment Company (“OEIC”), also known as an Investment Company with Variable Capital (“ICVC”) • Authorised Unit Trust (“AUT”) • Authorised Contractual Scheme (“ACS”) In the UK, these entities are typically authorised and regulated by the Financial Conduct Authority (“FCA”) and, if so, are also known as Authorised Investment Funds (“AIFs”) – which can be confused with Alternative Investment Funds. 7 Taxation of UK Funds OEIC – Open Ended Investment Companies Characteristics Taxation in the fund • A company • Taxed at a basic
  • 20201101-Gp-Advert Rand West City Sheriff Service Area.Pdf

    20201101-Gp-Advert Rand West City Sheriff Service Area.Pdf

    RRaanndd WWeesstt CCiittyy SShheerriiffff SSeerrvviiccee AArreeaa !. ELANDSFONTEIN GOLDEN VALLEY MALONY'S EYE Wallis Haven SP DELAREY Hillside AH Oaktree AH Muldersdrift AH VAN WYK'S^MULDERSDRIF Rietfontein AH Cosmo City Noordhang Jukskei Douglasdale Petervale KOESTERSFONTEIN Protea HONINGKLIP Park Molote SP WELTEVREDEN Delarey RESTANT Sonnedal AH DOUGLASDALE R511 HARTEBEESTFONTEIN Reydal AH Ridge AH MULDERSDRIFT North Riding WITKOPPEN ST ZUIKERBOSCHFONTEIN DELAREY REYDAL RIETFONTEIN ZANDSPRUIT North AH VLAKDRIFT N14 SAPS Jackal MIGALSOORD Heuningklip AH K Riding AH L Rietvei AH STERKFONTEIN KRUGERSDORP RIETVALLEI N14 UHLENHORST Creek Golf Bellairs Park RANDBURG Mogale ZUMICK LK Estate MAGALIESBURG STR24 SAPS RIETVALLEI OLIEVENHOUTPOORT Olivedale Bryanston BRYANSTON VLAKFONTEIN City NU DELAREY R28 Rietfontein AH WILGESPRUIT SAPS SAPS Sterkfontein R563 Rant-en-Dal ST Northgate RIETFONTEIN PLATKLIP KAALFONTEIN TARLTON ST Homes Haven Ruimsig Zonnehoewe AH R512 Country WOLVEKRANS Bagale Marabeth HONEYDEW ST Beverley Gardens WELTEVREDEN Beckedan AH WATERVAL Sundowner SAPS AH Rustenburg NU Noord Tres Jolie AH Las^er Northworld Ferndale Bryanbrink Life Park OUDRIF Dan Pienaarville RUIMSIG ^ Wolwekrans GREENWAY Featherbrooke River Club Eljeesee Delporton Alsef AH Park ñ Bromhof BOONS AH Quellerie Park Estate Ruimsig Ruimsig Kensington B SAPS AH STR28 Noordheuwel AH RANDBURG R512 Moodie Hill WELTEVREDEN Vlakplaas AH Eldorado Waterval AH ñ GRENS Helderblom Krugersdorp Eagle Boskruin ST Hurlingham Rangeview Poortview Willowbrook Harveston KN1 KLIPFONTEIN Parkmore BRICKVALE KRUGERSDORP Canyon L VLAKPLAATS AH AH Oatlands Apple AH BOSCHKOP MOADOWNS Game Reserve AH Ambot AH Bordeaux ZANDFONTEIN WITSTINKHOUTBOOM ^KRUGERSDORP AH Ruiterhof Park Amorosa Randpark RANDPARK Glenadrienne SP1 WATERVAL Krugersdorp Kenmare Roodekrans Honeydew Ridge Moret R24 Radiokop HOUTKOP GROENPLAATS ST Boltonia PAARDEPLAATS HORISON Ridge Central ROODEKRANS Wilgeheuwel Randpark Blairgowrie Craighall Randfontein WILGESPRUIT R512 Sandhurst NNOORRTTHH WWEESSTT AVALON !.
  • Bottom Billion Fund Prospectus

    Bottom Billion Fund Prospectus

    The Directors whose names appear on page iv accept responsibility for the information contained in this document. To the best of the knowledge and belief of the Directors (who have taken all reasonable care to ensure that such is the case) the information contained in this document is in accordance with the facts and does not omit anything likely to affect the import of such information. LAZARD GLOBAL INVESTMENT MANAGEMENT CCF An open-ended umbrella common contractual fund established as an undertaking for collective investment in transferable securities under the laws of Ireland pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended PROSPECTUS for GLOBAL AGRIBUSINESS FUND LAZARD BOTTOM BILLION FUND GLOBAL THEMATIC EQUITY FUND* 19 February 2021 ____________________________________________________________________________________ Distribution of this document is not authorised unless it is accompanied by a copy of the latest audited annual report and accounts or semi-annual unaudited report and accounts of the CCF. Such report and this document shall together form the Prospectus of the CCF. Investors should note that the auditor’s report in the CCF’s annual report is made only to the CCF and the Unitholders at the date of the auditor’s report. This Prospectus has been prepared solely for the offering of Units in the CCF and may not be used or reproduced for any other purpose. This Sub-Fund is not open to subscriptions and is in the process of being terminated. AC#5315960.92 NOTICES THIS DOCUMENT CONTAINS IMPORTANT INFORMATION ABOUT THE CCF AND SHOULD BE READ CAREFULLY BEFORE INVESTING.
  • 2020/21 Integrated Development Plan Review

    2020/21 Integrated Development Plan Review

    2020/21 INTEGRATED DEVELOPMENT PLAN REVIEW 2 An agile and resilient metropolitan government that is people centred 2020/21 INTEGRATED DEVELOPMENT PLAN REVIEW Our commitment The City of Johannesburg; in the interest of impacting positively on the city and the lives of all who live in it, commits itself to: Adding value by being action-oriented in our engagements; being better informed; responding to the city’s challenges in a visible and proactive manner Being committed civil servants, ready to serve the people of Joburg through sustainable, high- impact interventions that lead to accelerated economic growth for the city and the country (serving as “change makers”/ disrupters”) Ensuring we maintain the future focus of the National Development Plan (NDP), Growing Gauteng Together (GGT) 2030, and the Joburg 2040 Growth and Development Strategy ( GDS) at the core of all we do – delivering with professionalism, customer centricity, effective internal decision making, alignment with King IV principles, and a focus on supporting economic activity and using modern communication channels to improve accountability to communities Being productive – contributing to a productive City Ensuring synergised service delivery with authentic impact – countering a context of a trust deficit, service delivery breakdowns, incoherent links across the City, delivery on a ‘just in time’ principle, a lack of standardisation of how we operate, and inconsistent outcomes inspirational human capital management – focusing on improving staff morale, efficient service