AboutTime Issue 32 | Page 2

GENERAL NEWS PrimeTime’s 10th anniversary By Sandy Kelly This time last year we were celebrating Time Projects’ 30th anniversary. This year, on 20 December, it is 10 years since the listing of our associated company PrimeTime on the Botswana Stock Exchange in 2007. As both PrimeTime’s asset and property managers, as well as having developed a number of properties for PrimeTime, Time Projects has been instrumental in PrimeTime’s growth and success. At the time (time of listing), the IPO raised the most capital of any listing to date, P107m. The value of the company was then P207m with P175m worth spread over 13 properties and cash of P32m. This increased by P75m in May 2008 with the acquisition of three commercial properties in Francistown from Tati Company by way of part issue of shares and the balance in cash. Shortly thereafter came the first property that Time Projects developed for PrimeTime, namely, Sebele Shopping Centre for a sum of P101m, completed in 2011. Then came Prime Plaza, starting with the development of CEDA House which was completed in 2012, followed by Mowana Building which houses Cresta and finally Barclays House which was completed in 2014. These are PrimeTime’s flagship or “trophy” properties. Prime Plaza is now valued at over P200m. After some years of scouting further afield, in 2011/12 PrimeTime made its first investment into Zambia with the purchase of two G4S Security’s properties in Lusaka & Kitwe on a sale and leaseback basis. This came on the back of a similar transaction in Botswana in 2010. Since then, PrimeTime has increased its investment in Zambia to approximately P300m or US$30m by its 31 August financial year end with the acquisition of PWC Office Park for $8.9m in 2016 and Centro Kabulonga retail shopping centre in Lusaka from a developer, Pylos, for US$17.3m. During 2017, PrimeTime agreed to invest in a retail shopping centre being developed by Time Projects in the border town of Chirundu for US$8.4m. It is anchored by Shoprite. PrimeTime also bought a site in Lusaka from Pylos in the suburb of Munali during 2017 which Time Projects is developing. Shoprite is again the anchor. This 6 000m2 centre will cost US$13.5m which, upon completion in July/August 2018 will bring PrimeTime’s investment in Zambia ABOUT TIME, the quarterly newsletter of Time Projects Editor: Brett Marlin to US$53m which will account for nearly 40% of its total portfolio. PrimeTime’s strategic objective of diversifying its risk outside of Botswana and taking advantage of hard currency investments has been substantially achieved and is well poised for the next steps. Time Projects has a small, but fully fledged office in Lusaka, undertaking all the services required to service PrimeTime as well as to pursue other development opportunities. Back home, after having successfully completed the turnkey development of Pilane Crossing retail centre in September 2016 for P108m, only to have been frustrated by government’s refusal to grant foreign, mostly South African retailers, trading licences. This has now been substantially resolved and the centre is really looking and trading well. Now, Time Projects is developing an interesting Design Quarter retail park in Setlhoa for PrimeTime valued at P35m, due for completion mid 2018 and has another development planned in the same area for 2018. As of its year end, PrimeTime’s property portfolio totalled over P1.3b which will rise to over P1.5b spread over 27 properties by mid 2018. From June 2016 till July 2017, over P300m was raised in the debt capital market by way of bond issues of medium term loan notes and commercial paper plus a P200m rights issue. This unparalleled success has been possible due to the incredible support displayed by investors and financiers alike. But also due to the amazing relationship between PrimeTime and Time Projects. Time Projects congratulates PrimeTime on its 10th anniversary and thanks its shareholders and directors for the continued confidence and support. We, at Time Projects, are proud and privileged to have been instrumental in this achievement and look forward to being part of PrimeTime’s future growth and earning sustainable returns for all stakeholders. Managing editor: Faye-Marie Cloete Email: [email protected] Cell: +267 7137 6232 Contributors: Clifford Ferreira, Mike Hughes, Henno Cronjé, Roy Mapharing, Funkie Moroka and Chabo Mbikiwa Tel: +267 395 6080 | Fax: +267 390 0160 | Email: [email protected] | Website: www.time.co.bw ABOUT TIME is published on behalf of Time Projects by Nova Communications (Pty) Ltd. The opinions expressed in this newsletter are those of the authors and people interviewed and do not necessarily reflect the views of the editor, publisher or Time Projects. While all precautions have been taken to ensure accuracy of information, the editors and publisher cannot accept responsibility for any inaccuracies which may inadvertently have occurred. 2 ISSUE 32 - DECEMBER 2017