Recent Insider Transactions • Jun 02
CEO, MD & Director recently bought R130k worth of stock On the 29th of May, Quintin Rossi bought around 9k shares on-market at roughly R13.86 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Quintin has been a buyer over the last 12 months, purchasing a net total of R163k worth in shares. Announcement • May 30
Spear Reit Limited, Annual General Meeting, Jul 31, 2026 Spear Reit Limited, Annual General Meeting, Jul 31, 2026. Location: spear reit limited head office, 2nd floor, unit 1, no1 waterhouse, century city, South Africa Buy Or Sell Opportunity • May 26
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 4.7% to R13.62. The fair value is estimated to be R11.34, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 30%. Declared Dividend • May 21
Final dividend increased to R0.45 Dividend of R0.45 is 6.8% higher than last year. Ex-date: 3rd June 2026 Payment date: 8th June 2026 Dividend yield will be 6.6%, which is lower than the industry average of 9.2%. Reported Earnings • May 19
Full year 2026 earnings released: EPS: R2.11 (vs R1.83 in FY 2025) Full year 2026 results: EPS: R2.11 (up from R1.83 in FY 2025). Revenue: R853.2m (up 24% from FY 2025). Net income: R799.7m (up 52% from FY 2025). Profit margin: 94% (up from 76% in FY 2025). Revenue is expected to fall by 5.3% p.a. on average during the next 3 years compared to a 5.5% decline forecast for the REITs industry in South Africa. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. New Risk • May 08
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended August 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (48% increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported August 2025 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Announcement • May 02
Public Investment Corporation Limited acquired an additional unknown minority stake in Spear Reit Limited (JSE:SEA). Public Investment Corporation Limited acquired an additional unknown minority stake in Spear Reit Limited (JSE:SEA) on April 30, 2026. After completion of the transaction Public Investment Corporation Limited holds 6.557% stake in Spear Reit Limited.
Public Investment Corporation Limited completed the acquisition of additional unknown minority stake in Spear Reit Limited (JSE:SEA) on April 30, 2026. Buy Or Sell Opportunity • Apr 22
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 14% to R13.40. The fair value is estimated to be R11.04, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.5% over the last 3 years. Earnings per share has grown by 34%. Announcement • Apr 21
Spear Reit Limited to Report Fiscal Year 2026 Results on May 18, 2026 Spear Reit Limited announced that they will report fiscal year 2026 results on May 18, 2026 Announcement • Apr 18
Spear Reit Limited (JSE:SEA) entered into a sale of rental enterprise agreement to acquire Erf 62063 Mitchells Plain and Watergate Centre from MPW Cape Properties (Pty) Ltd for approximately ZAR 440 million. Spear Reit Limited (JSE:SEA) entered into a sale of rental enterprise agreement to acquire Erf 62063 Mitchells Plain and Watergate Centre from MPW Cape Properties (Pty) Ltd for approximately ZAR 440 million on April 17, 2026. A cash consideration of ZAR 442 million will be paid by Spear Reit Limited. As part of consideration, ZAR 442 million is paid towards assets of Erf 62063 Mitchells Plain and Watergate Centre.
The transaction is subject to subject to antitrust regulations. The expected completion of the transaction is August 1, 2026.
PSG Capital Proprietary Limited, Investment Banking Arm acted as financial advisor for Spear Reit Limited. Edward Nathan Sonnenbergs Inc. acted as legal advisor for Spear Reit Limited. Buy Or Sell Opportunity • Mar 20
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to R13.50. The fair value is estimated to be R11.15, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.5% over the last 3 years. Earnings per share has grown by 34%. Recent Insider Transactions • Mar 05
CEO, MD & Director recently bought R99k worth of stock On the 27th of February, Quintin Rossi bought around 8k shares on-market at roughly R13.08 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Quintin has been a buyer over the last 12 months, purchasing a net total of R169k worth in shares. Board Change • Mar 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 7 highly experienced directors. Independent Non-Executive Director Joan Solms was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Buy Or Sell Opportunity • Feb 23
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 17% to R13.50. The fair value is estimated to be R10.99, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.5% over the last 3 years. Earnings per share has grown by 34%. Recent Insider Transactions • Jan 21
CEO, MD & Director recently bought R85k worth of stock On the 19th of January, Quintin Rossi bought around 7k shares on-market at roughly R12.10 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth R231k. Quintin has been a buyer over the last 12 months, purchasing a net total of R70k worth in shares. Recent Insider Transactions • Jan 06
CEO, MD & Director recently bought R52k worth of stock On the 2nd of January, Quintin Rossi bought around 4k shares on-market at roughly R11.86 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth R231k. Despite this recent buy, Quintin has been a net seller over the last 12 months, reducing personal holdings by R21k. Recent Insider Transactions • Dec 12
CEO, MD & Director recently bought R95k worth of stock On the 10th of December, Quintin Rossi bought around 8k shares on-market at roughly R11.60 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth R231k. Despite this recent buy, Quintin has been a net seller over the last 12 months, reducing personal holdings by R180k. Recent Insider Transactions • Dec 05
CEO, MD & Director recently bought R92k worth of stock On the 1st of December, Quintin Rossi bought around 8k shares on-market at roughly R11.80 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth R231k. Despite this recent buy, Quintin has been a net seller over the last 12 months, reducing personal holdings by R276k. Announcement • Dec 03
Spear Reit Limited (JSE:SEA) completed the acquisition of Remainder of Erf 21212, Erf 13336 and Erf 13337 and Consani Industrial Park from Consani Industrial Business Park Proprietary Limited. Spear Reit Limited (JSE:SEA) agreed to acquire Remainder of Erf 21212, Erf 13336 and Erf 13337 and Consani Industrial Park from Consani Industrial Business Park Proprietary Limited for approximately ZAR 440 million on July 25, 2025. The Acquisition is subject to the fulfilment of the outstanding condition precedent (“Condition Precedent”) that by no later than 90 business days after the Signature Date, the Acquisition is approved by the applicable competition authorities The expected completion of the transaction is November 1, 2025. On October 22, 2025, the Competition Authorities unconditionally approved the transaction and the closing is anticipated to be during the month of December 2025.
Edward Nathan Sonnenbergs Inc. acted as legal advisor for Spear Reit Limited. Cliffe Dekker Hofmeyr acted as Competition Law Adviser for Spear Reit Limited.
Spear Reit Limited (JSE:SEA) completed the acquisition of Remainder of Erf 21212, Erf 13336 and Erf 13337 and Consani Industrial Park from Consani Industrial Business Park Proprietary Limited on December 2, 2025. Recent Insider Transactions • Oct 29
CEO, MD & Director recently bought R98k worth of stock On the 23rd of October, Quintin Rossi bought around 9k shares on-market at roughly R11.16 per share. This transaction amounted to 2.2% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth R106k. Despite this recent buy, Quintin has been a net seller over the last 12 months, reducing personal holdings by R556k. Reported Earnings • Oct 22
First half 2026 earnings released: FFO per share: R0.5 (vs R0.42 in 1H 2025) First half 2026 results: FFO per share: R0.5 (up from R0.42 in 1H 2025). Revenue: R394.9m (up 28% from 1H 2025). Funds from operations (FFO): R160.0m (up 60% from 1H 2025). FFO margin: 41% (up from 33% in 1H 2025). Revenue is expected to fall by 4.3% p.a. on average during the next 3 years compared to a 6.3% decline forecast for the REITs industry in South Africa. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Declared Dividend • Oct 22
First half dividend increased to R0.42 Dividend of R0.42 is 5.2% higher than last year. Ex-date: 5th November 2025 Payment date: 10th November 2025 Dividend yield will be 7.5%, which is lower than the industry average of 9.2%. Announcement • Sep 29
Spear Reit Limited to Report First Half, 2026 Results on Oct 20, 2025 Spear Reit Limited announced that they will report first half, 2026 results on Oct 20, 2025 Recent Insider Transactions • Sep 03
CEO, MD & Director recently sold R948k worth of stock On the 29th of August, Quintin Rossi sold around 93k shares on-market at roughly R10.24 per share. This transaction amounted to 19% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Quintin has been a net seller over the last 12 months, reducing personal holdings by R615k. Recent Insider Transactions • Aug 03
CEO, MD & Director recently bought R106k worth of stock On the 30th of July, Quintin Rossi bought around 10k shares on-market at roughly R10.25 per share. This transaction amounted to 2.1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth R210k. Quintin has been a buyer over the last 12 months, purchasing a net total of R329k worth in shares. Announcement • Jul 29
Spear Reit Limited (JSE:SEA) entered into rental enterprise agreement to acquire Maynard Mall from ARIA Property Group Proprietary Limited for approximately ZAR 460 million. Spear Reit Limited (JSE:SEA) entered into rental enterprise agreement to acquire Maynard Mall from ARIA Property Group Proprietary Limited for approximately ZAR 460 million on July 28, 2025. A cash consideration of ZAR 455 million will be paid by Spear Reit Limited. As part of consideration, ZAR 455 million is paid towards assets of Maynard Mall.
The transaction is subject to subject to antitrust regulations. The transaction is expected to close on or before January 1, 2026.
Edward Nathan Sonnenbergs Inc. acted as legal advisor to Spear Reit Limited. Announcement • Jul 26
Spear Reit Limited (JSE:SEA) agreed to acquire Remainder of Erf 21212, Erf 13336 and Erf 13337 and Consani Industrial Park from Consani Industrial Business Park Proprietary Limited for approximately ZAR 440 million. Spear Reit Limited (JSE:SEA) agreed to acquire Remainder of Erf 21212, Erf 13336 and Erf 13337 and Consani Industrial Park from Consani Industrial Business Park Proprietary Limited for approximately ZAR 440 million on July 25, 2025. The Acquisition is subject to the fulfilment of the outstanding condition precedent (“Condition Precedent”) that by no later than 90 business days after the Signature Date, the Acquisition is approved by the applicable competition authorities The expected completion of the transaction is November 1, 2025.
Edward Nathan Sonnenbergs Inc. acted as legal advisor for Spear Reit Limited. Recent Insider Transactions • Jul 18
CFO & Executive Director recently bought R102k worth of stock On the 16th of July, Christiaan Barnard bought around 10k shares on-market at roughly R10.20 per share. This transaction amounted to 2.1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth R210k. Christiaan has been a buyer over the last 12 months, purchasing a net total of R484k worth in shares. Recent Insider Transactions • Jun 15
CFO & Executive Director recently bought R2.1b worth of stock On the 11th of June, Christiaan Barnard bought around 20k shares on-market at roughly R104,763 per share. This transaction amounted to 4.4% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Christiaan has been a buyer over the last 12 months, purchasing a net total of R2.1b worth in shares. Announcement • May 30
Spear Reit Limited, Annual General Meeting, Jun 30, 2025 Spear Reit Limited, Annual General Meeting, Jun 30, 2025. Location: spear reit limited head office, 16th floor, 2 long street, cape town South Africa Recent Insider Transactions • May 27
CEO, MD & Director recently bought R65k worth of stock On the 23rd of May, Quintin Rossi bought around 7k shares on-market at roughly R9.70 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Quintin has been a buyer over the last 12 months, purchasing a net total of R303k worth in shares. Declared Dividend • May 25
Final dividend increased to R0.42 Dividend of R0.42 is 3.0% higher than last year. Ex-date: 11th June 2025 Payment date: 17th June 2025 Dividend yield will be 8.2%, which is lower than the industry average of 9.2%. Reported Earnings • May 23
Full year 2025 earnings released: EPS: R1.83 (vs R1.62 in FY 2024) Full year 2025 results: EPS: R1.83 (up from R1.62 in FY 2024). Revenue: R691.5m (up 12% from FY 2024). Net income: R525.1m (up 45% from FY 2024). Profit margin: 76% (up from 59% in FY 2024). Revenue is expected to fall by 2.6% p.a. on average during the next 3 years compared to a 5.8% decline forecast for the REITs industry in South Africa. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • May 15
Coronation Asset Management Proprietary Ltd. acquired 5.09% stake in Spear Reit Limited (JSE:SEA). Coronation Asset Management Proprietary Ltd. acquired 5.09% stake in Spear Reit Limited (JSE:SEA) on May 15, 2025.
Coronation Asset Management Proprietary Ltd. completed the acquisition of 5.09% stake in Spear Reit Limited (JSE:SEA) on May 15, 2025. New Risk • May 12
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended August 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported August 2024 fiscal period end). Dividend is not well covered by cash flows (108% cash payout ratio). Large one-off items impacting financial results. Shareholders have been diluted in the past year (20% increase in shares outstanding). Announcement • May 08
Spear Reit Limited to Report Fiscal Year 2025 Results on May 22, 2025 Spear Reit Limited announced that they will report fiscal year 2025 results on May 22, 2025 Announcement • Mar 17
Spear Reit Limited Appoints Joan Solms as Independent Non-Executive Director and Member of the Audit and Risk Committee, with Effect from 01 April 2025 The board of directors of Spear Reit Limited advised that Ms. Joan Solms ("Joan") has been appointed as an independent non-executive director and member of the audit and risk committee of Spear, with effect from 01 April 2025. Joan is a chartered accountant with over 20 years' experience in property and investment banking. She served as an executive vice president of Standard Bank's Corporate and Investment Banking division, heading up the Western Cape Real Estate Finance division, until November 2024. Prior to that, Joan was appointed as an executive director and chief operating officer of Ingenuity Property Investments Limited, a property investment company which, at the time, was listed on the JSE. In 2017, Joan won the Women's Property Network award for professional of the year in the private sector, in recognition of her achievements and contribution to the South African property sector. With her extensive expertise and experience in the Western Cape property market, Joan will be a valuable addition to the Spear Board. Recent Insider Transactions • Oct 27
CFO & Executive Director recently bought R150k worth of stock On the 24th of October, Christiaan Barnard bought around 16k shares on-market at roughly R9.55 per share. This transaction amounted to 6.4% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Christiaan has been a buyer over the last 12 months, purchasing a net total of R525k worth in shares. Declared Dividend • Oct 27
First half dividend increased to R0.40 Dividend of R0.40 is 3.1% higher than last year. Ex-date: 13th November 2024 Payment date: 18th November 2024 Dividend yield will be 8.4%, which is lower than the industry average of 9.2%. New Risk • Oct 26
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 100% Cash payout ratio: 103% Dividend yield: 8.3% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 100% Cash payout ratio: 103% Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (17% increase in shares outstanding). Announcement • Oct 24
Spear Reit Limited Announces Dividend Declaration for the Six Months Ended 31 August 2024, Payable on 18 November 2024 Spear Reit Limited resolved to declare a gross interim dividend of 39.52881 cents per share from income reserves in respect of the six months ended 31 August 2024. The dividend amount, net of South African dividend tax of 20%, is 31.62305 cents per share for those shareholders who are not exempt from dividend withholding tax or are not entitled to a reduced rate in terms of the applicable double-tax agreement. The number of ordinary shares in issue at the declaration date is 339 986 976 and the income tax number of the Company is 9068437236. Trading ex-dividend commences 13 November 2024 Record date, 15 November 2024 Date of payment, 18 November 2024. Announcement • Oct 07
Spear Reit Limited to Report First Half, 2025 Results on Oct 24, 2024 Spear Reit Limited announced that they will report first half, 2025 results on Oct 24, 2024 Announcement • Sep 25
36one Asset Management (Pty) Ltd. acquired an additional minority stake in Spear Reit Limited (JSE:SEA). 36one Asset Management (Pty) Ltd. acquired an additional minority stake in Spear Reit Limited (JSE:SEA) on September 25, 2024.
36one Asset Management (Pty) Ltd. completed the acquisition of an additional minority stake in Spear Reit Limited (JSE:SEA) on September 25, 2024. Upcoming Dividend • Jun 07
Upcoming dividend of R0.41 per share Eligible shareholders must have bought the stock before 12 June 2024. Payment date: 18 June 2024. Trailing yield: 9.3%. Within top quartile of South African dividend payers (9.1%). Lower than average of industry peers (11%). New Risk • Jun 05
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 15% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.2x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Shareholders have been diluted in the past year (15% increase in shares outstanding). Announcement • Jun 02
Spear Reit Limited, Annual General Meeting, Jul 31, 2024 Spear Reit Limited, Annual General Meeting, Jul 31, 2024. Location: spear reit limited head office, 16th floor, 2 long street, cape town, South Africa Announcement • May 30
Capitec Bank Limited acquired The Liberty Life Building, Century City Boulevard from Spear Reit Limited (JSE:SEA). Capitec Bank Limited entered into a sale of rental enterprise agreement to acquire The Liberty Life Building, Century City Boulevard from Spear Reit Limited (JSE:SEA) for ZAR 400 million on February 13, 2023. The Property, which forms part of Spear’s commercial office portfolio, was acquired by Spear in 2019, prior to the onset of the Covid-19 pandemic. The application of the Disposal Consideration will reduce Spear’s loan to value ratio (“LTV”) by approximately 500 bps and the forecasted Spear group LTV, following the implementation of the Disposal, will be between 34% and 36%. The anticipated date of the Disposal will be after the payment date of the final dividend for the 2023 financial year and post the implementation of the Island Urban Logistics Park acquisition. The Disposal is subject to the fulfilment of the condition precedent (“Condition Precedent”) that the Disposal has (to the extent necessary) been unconditionally approved by the Competition Authorities in terms of the Competition Act, No. 89 of 1998, or conditionally approved on conditions which are acceptable to the parties. The Condition Precedent must be fulfilled by not later than 120 days after the Signature Date, which date may be extended by the parties in writing. The transaction is expected to complete during the month of September 2023. As of June 21, 2023, the Competition Authorities unconditionally approved the disposal on June 20, 2023. Cliffe Dekker Hofmeyr acted as legal advisor in the transaction.Capitec Bank Limited completed the acquisition of The Liberty Life Building, Century City Boulevard from Spear Reit Limited (JSE:SEA) on May 28, 2024. Recent Insider Transactions • May 29
CEO, MD & Director recently bought R138k worth of stock On the 24th of May, Quintin Rossi bought around 17k shares on-market at roughly R7.91 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Quintin has been a buyer over the last 12 months, purchasing a net total of R294k worth in shares. Declared Dividend • May 24
Final dividend increased to R0.41 Dividend of R0.41 is 4.4% higher than last year. Ex-date: 12th June 2024 Payment date: 18th June 2024 Dividend yield will be 9.5%, which is about the same as the industry average. Reported Earnings • May 23
Full year 2024 earnings released: EPS: R1.49 (vs R0.79 in FY 2023) Full year 2024 results: EPS: R1.49 (up from R0.79 in FY 2023). Revenue: R619.4m (up 6.7% from FY 2023). Net income: R362.7m (up 99% from FY 2023). Profit margin: 59% (up from 31% in FY 2023). Revenue is expected to fall by 14% p.a. on average during the next 3 years compared to a 7.0% decline forecast for the REITs industry in South Africa. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • May 03
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.5% to R7.77. The fair value is estimated to be R9.80, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.5% over the last 3 years. Earnings per share has grown by 17%. Buy Or Sell Opportunity • Apr 18
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.7% to R7.80. The fair value is estimated to be R9.96, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.5% over the last 3 years. Earnings per share has grown by 17%. New Risk • Apr 17
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended August 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.3x net interest cover). Earnings have declined by 12% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported August 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (R1.80b market cap, or US$94.6m). Buy Or Sell Opportunity • Mar 25
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.3% to R7.91. The fair value is estimated to be R9.93, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.5% over the last 3 years. Earnings per share has grown by 17%. Recent Insider Transactions • Jan 30
CFO & Executive Director recently bought R209k worth of stock On the 24th of January, Christiaan Barnard bought around 25k shares on-market at roughly R8.35 per share. This transaction amounted to 12% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Christiaan has been a buyer over the last 12 months, purchasing a net total of R349k worth in shares. Recent Insider Transactions • Jan 24
Chief Operating Officer recently sold R420k worth of stock On the 18th of January, Cliff Toerien sold around 50k shares on-market at roughly R8.40 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth R532k. Cliff has been a net seller over the last 12 months, reducing personal holdings by R611k. New Risk • Jan 15
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: R927k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.3x net interest cover). Interest payments are not well covered by earnings (2.3x net interest cover). Earnings have declined by 12% per year over the past 5 years. Earnings have declined by 12% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Significant insider selling over the past 3 months (R927k sold). Market cap is less than US$100m (R1.85b market cap, or US$99.3m). Recent Insider Transactions • Dec 05
CEO, MD & Director recently bought R89k worth of stock On the 29th of November, Quintin Rossi bought around 12k shares on-market at roughly R7.43 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth R195k. Quintin has been a buyer over the last 12 months, purchasing a net total of R189k worth in shares. Recent Insider Transactions • Nov 19
CFO & Executive Director recently bought R71k worth of stock On the 15th of November, Christiaan Barnard bought around 9k shares on-market at roughly R7.50 per share. This transaction amounted to 4.8% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth R195k. Despite this recent buy, Christiaan has been a net seller over the last 12 months, reducing personal holdings by R3.3m. Buying Opportunity • Nov 16
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be R9.36, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.5% over the last 3 years. Earnings per share has grown by 17%. Upcoming Dividend • Nov 08
Upcoming dividend of R0.38 per share at 9.8% yield Eligible shareholders must have bought the stock before 15 November 2023. Payment date: 20 November 2023. Trailing yield: 9.8%. Within top quartile of South African dividend payers (9.7%). In line with average of industry peers (9.9%). Recent Insider Transactions • Nov 06
CEO, MD & Director recently sold R532k worth of stock On the 30th of October, Quintin Rossi sold around 70k shares on-market at roughly R7.60 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite the recent sale, Quintin has been a net buyer over the last 12 months, purchasing a net total of R81k worth of shares. New Risk • Nov 01
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.3x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.3x net interest cover). Earnings have declined by 12% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (R1.70b market cap, or US$91.0m). Announcement • Oct 24
Spear Reit Limited Declares Interim Dividend for the Six Months Ended 31 August 2023. Payable on 20 November 2023 The directors of Spear Reit Limited resolved to declare a gross interim dividend of 38.32543 cents per share from income reserves in respect of the six months ended 31 August 2023. The dividend amount, net of South African dividend tax of 20%, is 30.66034 cents per share for those shareholders who are not exempt from dividend withholding tax or are not entitled to a reduced rate in terms of the applicable double-tax agreement. Trading ex-dividend commences on 15 November 2023, Record date is 17 November 2023 and Date of payment is 20 November 2023. Announcement • Oct 11
Spear Reit Limited to Report First Half, 2024 Results on Oct 24, 2023 Spear Reit Limited announced that they will report first half, 2024 results on Oct 24, 2023 Recent Insider Transactions • Aug 28
Chief Operating Officer recently sold R261k worth of stock On the 23rd of August, Cliff Toerien sold around 35k shares on-market at roughly R7.46 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Cliff has been a net seller over the last 12 months, reducing personal holdings by R191k. Buying Opportunity • Jul 25
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be R9.04, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.1% over the last 3 years, while earnings per share has been flat. Recent Insider Transactions • Jun 23
CEO, MD & Director recently bought R88k worth of stock On the 21st of June, Quintin Rossi bought around 12k shares on-market at roughly R7.23 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth R1.4m. Quintin has been a buyer over the last 12 months, purchasing a net total of R520k worth in shares. Buying Opportunity • Jun 13
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 2.4%. The fair value is estimated to be R9.06, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.1% over the last 3 years, while earnings per share has been flat. Recent Insider Transactions • Jun 09
CEO, MD & Director recently bought R134k worth of stock On the 2nd of June, Quintin Rossi bought around 19k shares on-market at roughly R6.97 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Quintin has been a buyer over the last 12 months, purchasing a net total of R342k worth in shares. Recent Insider Transactions • Jun 02
CEO, MD & Director recently bought R4.6m worth of stock On the 29th of May, Quintin Rossi bought around 6k shares on-market at roughly R711 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Quintin has been a buyer over the last 12 months, purchasing a net total of R4.8m worth in shares. Announcement • Jun 01
Spear Reit Limited, Annual General Meeting, Jun 30, 2023 Spear Reit Limited, Annual General Meeting, Jun 30, 2023, at 11:00 South Africa Standard Time. Location: Spear REIT Limited Head Office, 16th Floor, 2 Long Street Capetown South Africa Agenda: To discuss Publication of results;and to discuss other matters. Upcoming Dividend • May 31
Upcoming dividend of R0.39 per share at 11% yield Eligible shareholders must have bought the stock before 07 June 2023. Payment date: 12 June 2023. Trailing yield: 11%. Within top quartile of South African dividend payers (9.9%). In line with average of industry peers (10%). Recent Insider Transactions • May 24
CEO, MD & Director recently bought R72k worth of stock On the 22nd of May, Quintin Rossi bought around 10k shares on-market at roughly R7.19 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth R1.0m. Quintin has been a buyer over the last 12 months, purchasing a net total of R269k worth in shares. Announcement • May 22
Spear Reit Limited Announces Dividend Declaration for the Year Ended 28 February 2023, Payable on 12 June 2023 The directors of Spear Reit Limited resolved to declare a gross final dividend of 38.83624 cents per share from income reserves in respect of the six months ended 28 February 2023. The dividend amount, net of South African dividend tax of 20%, is 31.06899 cents per share for those shareholders who are not exempt from dividend withholding tax or are not entitled to a reduced rate in terms of the applicable double-tax agreement. Trading ex-dividend commences: 7 June 2023; Record date: 9 June 2023; Date of payment: 12 June 2023. Recent Insider Transactions • Feb 24
CEO, MD & Director recently bought R116k worth of stock On the 22nd of February, Quintin Rossi bought around 16k shares on-market at roughly R7.05 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Quintin has been a buyer over the last 12 months, purchasing a net total of R228k worth in shares. Announcement • Feb 14
Capitec Bank Limited entered into a sale of rental enterprise agreement to acquire The Liberty Life Building, Century City Boulevard from Spear Reit Limited (JSE:SEA) for ZAR 400 million. Capitec Bank Limited entered into a sale of rental enterprise agreement to acquire The Liberty Life Building, Century City Boulevard from Spear Reit Limited (JSE:SEA) for ZAR 400 million on February 13, 2023. The Property, which forms part of Spear’s commercial office portfolio, was acquired by Spear in 2019, prior to the onset of the Covid-19 pandemic. The application of the Disposal Consideration will reduce Spear’s loan to value ratio (“LTV”) by approximately 500 bps and the forecasted Spear group LTV, following the implementation of the Disposal, will be between 34% and 36%. The anticipated date of the Disposal will be after the payment date of the final dividend for the 2023 financial year and post the implementation of the Island Urban Logistics Park acquisition. The Disposal is subject to the fulfilment of the condition precedent (“Condition Precedent”) that the Disposal has (to the extent necessary) been unconditionally approved by the Competition Authorities in terms of the Competition Act, No. 89 of 1998, or conditionally approved on conditions which are acceptable to the parties. The Condition Precedent must be fulfilled by not later than 120 days after the Signature Date, which date may be extended by the parties in writing. The transaction is expected to complete during the month of September 2023. Cliffe Dekker Hofmeyr acted as advisor in the transaction. Announcement • Feb 09
Spear Reit Limited Appoints Bongani Raziya as an Independent Non-Executive Director, and as Member of the Social and Ethics, Audit and Risk, Remuneration and Investment Committees Board of directors of the Spear Reit Limited announced that Bongani Raziya has been appointed as an independent non-executive director, and as member of the social and ethics, audit and risk, remuneration and investment committees of Spear, with immediate effect. Bongani is a lawyer with more than 20 years' experience in the retail sector. He currently holds various board positions in the oil, gas and mining sectors and has established various highly successful ventures as a dynamic entrepreneur with a good understanding of the general real estate sector, given the direct real estate investments he has made across the Western Cape over the last decade. Bongani is the founder and a director of Rwenzori Rare Metals which, through an international consortium made up of Rwenzori Rare Metals, Australian and Ugandan mining investors, owns the Makuutu rare earth mine in Uganda. He is also the founder and largest independent shareholder of Burgan Cape Terminals and co-establisher of Wonderfontein Coal and founder and a director of Manaus Capital a BEE real estate investment holding company. Recent Insider Transactions • Jan 29
CFO & Executive Director recently sold R3.4m worth of stock On the 24th of January, Christiaan Barnard sold around 450k shares on-market at roughly R7.54 per share. This transaction amounted to 71% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Christiaan has been a net seller over the last 12 months, reducing personal holdings by R3.4m. Announcement • Jan 21
Spear Reit Limited Announces Resignation of Niclas Kjellström-Matseke as Independent Non-Executive Director The board of directors of Spear Reit Limited announced that Niclas Kjellström-Matseke (‘Niclas’), has resigned as an independent non-executive director from the Board, and as member of the social and ethics, audit and risk, nominations, remuneration and investment committees of Spear, with immediate effect. Recent Insider Transactions • Dec 01
Non-Executive Deputy Chairman recently bought R193k worth of stock On the 24th of November, Michael Flax bought around 26k shares on-market at roughly R7.41 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Michael's only on-market trade for the last 12 months. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. 4 independent directors (5 non-independent directors). Independent Non-Executive Director Roze Phillips was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Nov 02
Upcoming dividend of R0.37 per share Eligible shareholders must have bought the stock before 09 November 2022. Payment date: 14 November 2022. Trailing yield: 9.6%. Within top quartile of South African dividend payers (8.9%). In line with average of industry peers (9.7%). Announcement • Oct 13
Spear Reit Limited (JSE:SEA) entered into a sale of rental enterprise agreement to acquire The Island Milnerton, Western Cape from Inospace 2 Proprietary Limited for SAR 185 million. Spear Reit Limited (JSE:SEA) entered into a sale of rental enterprise agreement to acquire The Island Milnerton, Western Cape from Inospace 2 Proprietary Limited for ZAR 185 million on October 12, 2022. The Purchase Consideration will be secured by a bank guarantee and will be paid by Spear to the Inospace 2 Proprietary in cash, on the date of registration of transfer of ownership of the Property into the name of Spear. The Acquisition is subject to the fulfilment of the outstanding condition precedent that within 60 days of the Signature Date, the Acquisition has been unconditionally approved by the applicable competition authorities in terms of the Competition Act, No. 89 of 1998, or conditionally approved on conditions which are acceptable to the parties. In addition to the Purchase Consideration, the costs associated with the Acquisition are estimated at ZAR 1.5 million. Agents’ commission, in the amount of ZAR 5.55 million is payable. The closing of transaction will be done after fulfillment of all conditions or February 1, 2023. PSG Capital acted as sponsor and Cliffe Dekker Hofmeyr acted as legal advisor. Recent Insider Transactions • Jul 30
CEO, MD & Director recently bought R1.6m worth of stock On the 22nd of July, Quintin Rossi bought around 7k shares on-market at roughly R244 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent buy, Quintin has been a net seller over the last 12 months, reducing personal holdings by R676k. Upcoming Dividend • Jun 07
Upcoming dividend of R0.35 per share Eligible shareholders must have bought the stock before 14 June 2022. Payment date: 20 June 2022. Trailing yield: 8.5%. Within top quartile of South African dividend payers (8.4%). In line with average of industry peers (8.4%). Announcement • Jun 07
Spear Reit Limited Declares Final Gross Dividend, Payable 20 June 2022 Spear resolved to declare a final gross dividend of 35.19254 cents per share, with a dividend reinvestment alternative, as well as the announcement released by Spear on, 1 June 2022, in terms of which Shareholders were advised of the withdrawal of the entitlement to elect the Dividend Reinvestment Alternative. Last day to trade cum Cash Dividend, 13 June 2022. Trading commences ex Cash Dividend, 14 June 2022. Record Date, 17 June 2022. Electronic payment and CSDP/broker accounts updated in respect of Cash Dividend on, 20 June 2022. Announcement • May 28
Spear Reit Limited, Annual General Meeting, Jun 30, 2022 Spear Reit Limited, Annual General Meeting, Jun 30, 2022. Announcement • May 27
Spear Reit Limited to Report First Half, 2023 Results on Oct 25, 2022 Spear Reit Limited announced that they will report first half, 2023 results on Oct 25, 2022 Announcement • May 13
Spear Reit Limited to Report Fiscal Year 2022 Results on May 26, 2022 Spear Reit Limited announced that they will report fiscal year 2022 results on May 26, 2022 Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. 4 independent directors (5 non-independent directors). Independent Non-Executive Director Roze Phillips was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Apr 16
Snow Storm Investments Proprietary Limited entered into a sale of letting enterprise agreement to acquire Erf 17611 Cape Town at 8 Section Street, Paarden Eiland from Spear Reit Limited (JSE:SEA) for ZAR 22.5 million. Snow Storm Investments Proprietary Limited entered into a sale of letting enterprise agreement to acquire Erf 17611 Cape Town at 8 Section Street, Paarden Eiland from Spear Reit Limited (JSE:SEA) for ZAR 22.5 million on April 11, 2022. The transaction does not contain any conditions precedent and is accordingly unconditional. The anticipated transfer date is July 2022. PSG Capital acted as sponsor to Spear Reit. Recent Insider Transactions • Feb 26
CEO, MD & Director recently bought R112k worth of stock On the 23rd of February, Quintin Rossi bought around 13k shares on-market at roughly R8.65 per share. In the last 3 months, they made an even bigger purchase worth R203k. Despite this recent buy, Quintin has been a net seller over the last 12 months, reducing personal holdings by R3.9m. Recent Insider Transactions • Feb 23
CEO, MD & Director recently sold R840k worth of stock On the 14th of February, Quintin Rossi sold around 100k shares on-market at roughly R8.40 per share. This was the largest sale by an insider in the last 3 months. Quintin has been a seller over the last 12 months, reducing personal holdings by R4.1m.