To view the PDF file, sign up for a MySharenet subscription.

REBOSIS PROPERTY FUND LIMITED - Updated trading statement

Release Date: 28/10/2019 12:00
Code(s): REB REA REBC15     PDF:  
 
Wrap Text
Updated trading statement

REBOSIS PROPERTY FUND LIMITED
Incorporated in the Republic of South Africa
(Registration number: 2010/003468/06)
JSE share codes:
REA ISIN: ZAE000240552
REB ISIN: ZAE000201687
Alpha code: REBI
(Approved as a REIT by the JSE)
(“Rebosis” or the “Company”)

UPDATED TRADING STATEMENT

Shareholders are referred to the Company’s unaudited interim results for the six months ended
28 February 2019 published on SENS on 13 May 2019 (“Interim Results”). It was stated in the Interim
Results that “The Board deemed it prudent to deleverage the fund and has therefore resolved to not
declare an interim dividend, but rather intends to distribute a full year dividend at the final distribution
date, being after the conclusion of its year ending 31 August 2019”.

Shareholders are also referred to the renewal of joint cautionary announcement published on SENS on
28 October 2019 by Rebosis and Delta Property Fund Limited, wherein the parties reconfirm their
commitment to concluding a successful transaction and that meaningful progress continues to be made
in formulating workable terms for the merger (the “Merger”). The Board of Rebosis (the “Board”) is
encouraged by the progress made and is confident that the Merger is possible. The Company continues
to have the support of its lenders and agreement to pursue the Merger on the proposed timelines.

The Board has considered various factors that will impact the Company in the context of a distribution
payment. These include current gearing levels, the desire to preserve capital in order to reduce gearing,
pressure on valuations given the current economic cycle impacting the property sector, and current
engagement on the Merger that will give rise to the optimum capital structure of the merged entity. The
Board is further cognisant of progress made in disposals of properties which will assist significantly in
the deleveraging process, but is conscious not to erode value in accelerating the process. The result is
that the Board deems it prudent and in the best interest of the Company, and the future merged entity,
not to declare a distribution.

The Board has therefore resolved to not declare a final dividend on the Rebosis A and Ordinary shares
for the year ended 31 August 2019.

The above information has not been reviewed or reported on by Rebosis’ auditors.

The Company’s financial results for the year ended 31 August 2019 will be published on
11 November 2019 where after management will engage shareholders more fully on these
considerations.


28 October 2019

Equity and Debt Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited

Date: 28/10/2019 12:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Email this JSE Sens Item to a Friend.

Share This Story