Delta Property Fund Management

Management criteria checks 3/4

Delta Property Fund's CEO is Bongi Masinga, appointed in Oct 2023, has a tenure of less than a year. total yearly compensation is ZAR2.64M, comprised of 95.2% salary and 4.8% bonuses, including company stock and options. directly owns 1.55% of the company’s shares, worth ZAR1.77M. The average tenure of the management team and the board of directors is 0.8 years and 3.8 years respectively.

Key information

Bongi Masinga

Chief executive officer

R2.6m

Total compensation

CEO salary percentage	95.2%
CEO tenure	less than a year
CEO ownership	1.5%
Management average tenure	less than a year
Board average tenure	3.8yrs

Recent management updates

Recent updates

CEO Compensation Analysis

How has Bongi Masinga's remuneration changed compared to Delta Property Fund's earnings?
Date	Total Compensation	Salary	Company Earnings
Aug 31 2023	n/a	n/a	-R354m
May 31 2023	n/a	n/a	-R541m
Feb 28 2023	R3m	R3m	-R728m
Nov 30 2022	n/a	n/a	-R664m
Aug 31 2022	n/a	n/a	-R600m
May 31 2022	n/a	n/a	-R372m
Feb 28 2022	R4m	R4m	-R145m
Nov 30 2021	n/a	n/a	-R180m
Aug 31 2021	n/a	n/a	-R216m
May 31 2021	n/a	n/a	-R335m
Feb 28 2021	R6m	R2m	-R454m

Compensation vs Market: Bongi's total compensation ($USD142.65K) is below average for companies of similar size in the ZA market ($USD334.13K).

Compensation vs Earnings: Bongi's compensation has been consistent with company performance over the past year.

CEO

Bongi Masinga (56 yo)

less than a year

Tenure

R2,640,000

Compensation

Mrs. Sibongile Masinga, also known as Bongi, BCom, serves as Chief Executive Officer at Delta Property Fund Limited from October 4, 2023. She is a Non-Executive Director at New Seasons Investment Holdings...

Leadership Team

Name	Position	Tenure	Compensation	Ownership
Sibongile Masinga	CEO & Executive Director	less than a year	R2.64m	1.55% ZAR 1.8m
On Tshabalala	Co-owner	no data	no data	no data
Zwelifikile Mhlontlo	CFO & Executive Director	less than a year	no data	no data
Nonhlanhla Nyathikazi	Human Resources Manager	15.3yrs	no data	no data
Phil Harford	Head of Delta Property Management	no data	no data	no data
Tshepiso Manase	Financial Controller	7.4yrs	no data	no data
Vasta Mhlongo	Company Secretary	less than a year	no data	no data

0.8yrs

Average Tenure

56yo

Average Age

Experienced Management: DLT's management team is not considered experienced ( 0.8 years average tenure), which suggests a new team.

Board Members

Name	Position	Tenure	Compensation	Ownership
Sibongile Masinga	CEO & Executive Director	3.8yrs	R2.64m	1.55% ZAR 1.8m
Zwelifikile Mhlontlo	CFO & Executive Director	less than a year	no data	no data
Mfundiso Johnson Njeke	Lead Independent Non-Executive Director	7.1yrs	R705.00k	no data
Sindiswa Zilwa	Independent Non-Executive Director	less than a year	no data	no data
Phumzile Langeni	Non-Executive Chairman of the Board	3.8yrs	R1.03m	1.62% ZAR 1.9m
Davina Motau	Independent Non-Executive Director	9.5yrs	R567.00k	0.00026% ZAR 297.1
Brett Copans	Independent Non-Executive Director	less than a year	no data	no data

3.8yrs

Average Tenure

56yo

Average Age

Experienced Board: DLT's board of directors are considered experienced (3.8 years average tenure).

Delta Property Fund Management

Management criteria checks 3/4

Key information

Recent management updates

Delta Property Fund Limited Appoints Zwelifikile (Fikile) Mhlontlo as Executive Director, Effective 18 July 2023

Delta Property Fund Limited Appoints Alex Phakati as an Independent Non-Executive Director and Chairman of the Asset Liability and Investment Committee

Delta Property Fund Limited Announces Appointment of Sibongile Masinga as Permanent Chief Executive Officer

Delta Property Fund Limited Announces Resignation of Caswell Rampheri from Board of Directors, Effective from 30 August 2023

Delta Property Fund Limited Approves the Appointment of Mr. Zwelifikile (Fikile) Mhlontlo as Chief Financial Officer with Effect from July 18, 2023

Delta Property Fund Limited Approves the Appointment of Mr. Zwelifikile (Fikile) Mhlontlo as Executive Director with Effect from July 18, 2023

Recent updates

Delta Property Fund Limited to Report Fiscal Year 2024 Results on May 28, 2024

Delta Property Fund Limited Appoints Zwelifikile (Fikile) Mhlontlo as Executive Director, Effective 18 July 2023

Now 26% undervalued

Delta Property Fund Limited Appoints Alex Phakati as an Independent Non-Executive Director and Chairman of the Asset Liability and Investment Committee

Delta Property Fund Limited Announces Appointment of Sibongile Masinga as Permanent Chief Executive Officer

Now 22% undervalued

Delta Property Fund Limited Announces Resignation of Caswell Rampheri from Board of Directors, Effective from 30 August 2023

Delta Property Fund Limited Approves the Appointment of Mr. Zwelifikile (Fikile) Mhlontlo as Chief Financial Officer with Effect from July 18, 2023

Delta Property Fund Limited Approves the Appointment of Mr. Zwelifikile (Fikile) Mhlontlo as Executive Director with Effect from July 18, 2023

Less than half of directors are independent

Delta Property Fund Limited, Annual General Meeting, Aug 31, 2023

Delta Property Fund Limited Announces Changes to Board Committees

Full year 2023 earnings released: R1.02 loss per share (vs R0.20 loss in FY 2022)

Delta Property Fund Limited Appoints Sindi Zilwa as Independent Non-Executive Director, Effective 1 June 2023

Delta Property Fund Limited Announces Resignation of Patricia Stock from its Board of Directors

Delta Property Fund Limited to Report Fiscal Year 2023 Results on May 29, 2023

Delta Property Fund Limited Announces Resignation of Marelise de Lange as Chief Financial Officer

Less than half of directors are independent

Delta Property Fund Limited Announces Board Changes

Less than half of directors are independent

Zeder Trading Proprietary Limited entered into an agreement to acquire Standard Bank Greyville from Delta Property Fund Limited (JSE : DLT) for ZAR 44 million.

First half 2023 earnings released: R0.43 loss per share (vs R0.21 profit in 1H 2022)

Micawber 832 Proprietary Limited entered into an agreement to acquire Enterprise Park Property from Delta Property Fund Limited (JSE:DLT) for ZAR 39 million.

An unknown buyer acquired Three Properties in Bloemfontein and One Property in Kimberley from Delta Property Fund Limited (JSE:DLT) for R98.8 million.

Less than half of directors are independent

Twenty-five 15 Proprietary Limited entered into a agreement to acquire Property situated at 3 Simba Road at Sunninghill from Delta Property Fund Limited (JSE:DLT) for South African Rand 15.5 million.

Full year 2022 earnings released: FFO: R1.39b per share (vs R0.31 in FY 2021)

Delta Property Fund Limited Announces Resignation of Maditshaba Mahlari, Company Secretary Effective 31 March 2022

First half 2022 earnings released: EPS R0.21 (vs R0.13 loss in 1H 2021)

CEO Compensation Analysis

CEO

Tenure

Compensation

Leadership Team

Average Tenure

Average Age

Board Members

Average Tenure

Average Age