Wrap Text
Provisional summarised audited consolidated financial results for the year ended 30 September 2019
Lighthouse Capital Limited
(formerly Greenbay Properties Ltd)
Registration number: C124756 C1/GBL
Incorporated in the Republic of Mauritius on 14 August 2014
SEM share code: GFP.N0000
ISIN: MU0461N00015
JSE share code: LTE
("Lighthouse" or "the company" or "the group")
www.lighthousecapital.mu
Short-form announcement: Provisional summarised audited consolidated financial
results for the year ended 30 September 2019
Lighthouse is a Category One Global Business Licence company registered in
Mauritius. The company has primary listings on both the Official Market of the
Stock Exchange of Mauritius Ltd ("SEM") and the Main Board of the Johannesburg
Stock Exchange Limited ("JSE"). Lighthouse invests globally in direct property
and listed real estate and infrastructure securities.
The board has declared a final distribution of 1,50000 EUR cents per share for
the six months ended 30 September 2019. This, together with the 1,50000 EUR
cents per share for the interim period ended 31 March 2019, results in a total
distribution of 3,00000 EUR cents per share for the 2019 financial year. This
is in line with the guidance provided. Lighthouse achieved 3,30938 EUR cents
of distributable earnings per share for the 2019 financial year. The board's
dividend policy allows for retaining distributable earnings and the total
payout ratio for the 2019 financial year is 90,7%.
Audited Audited
for the for the
year ended year ended Movement
Sep 2019 Sep 2018 %
Total revenue (EUR) 29 719 102 30 690 069 (3,2)
Basic and diluted (loss)/earnings
per share (EUR cents) (5,72) 8,84* (164,7)
Headline (loss)/earnings and diluted
headline (loss)/earnings per share
(EUR cents) (5,17) 7,89* (165,5)
Distribution (EUR cents per share) 1,50000 5,19200* (71,1)
Management account information:
Net asset value per share (EUR cents) 54,02 66,70* (19,0)
Gearing (%)# 31,0 8,3 273,5
* Adjusted for share consolidation on a 1 for 20 basis.
# Gearing is calculated by dividing total interest-bearing borrowings, adjusted
for cash on hand and equity swap derivative margin, by the total of investments
in property, gross listed securities and loans advanced.
Outlook
Lighthouse's distributions are forecast to increase by at least 5% for the 2020
financial year. The potential acquisition of the mall in Iberia will have a
significant effect on the company's future growth in distributions.
The distribution forecast is based on the following assumptions:
- There will be no material adverse changes to the macro-economic environment,
the regulatory or tax environment, the performance of the tenants within the
direct property portfolio and the listed securities portfolio.
- Further investments in listed real estate and infrastructure securities will
be made in line with the investment policy;
- The company maintains gearing of below 45%;
- The only further direct property investment will be the acquisition of the
mall in Iberia with effect from 1 February 2020; and
- The only direct property disposal will be the sale of Forum Viseu with effect
from 1 February 2020.
This forecast statement, and the forecasts underlying such statement, are the
responsibility of the board and have not been reviewed or reported on by the
group's external auditor.
Payment of final distribution
The board has approved and notice is hereby given of a final cash distribution
of 1,50000 EUR cents per share for the six months ended 30 September 2019.
Salient dates and times
For shareholders on the South African share register.
Announcement of exchange rate released on
SENS on Tuesday, 19 November 2019
Last day to trade on the JSE in order to be
eligible for the final distribution Tuesday, 26 November 2019
Shares commence trading ex-distribution on the JSE Wednesday, 27 November 2019
Record date for shareholders recorded on the
South African share register Friday, 29 November 2019
Payment of final distribution Monday, 2 December 2019
Notes:
1. The above dates are subject to change. Any changes will be released on SENS.
2. Transfers of shares between sub-registers in South Africa and Mauritius may
not take place between Tuesday, 19 November 2019 and Friday, 29 November 2019,
both days inclusive. No dematerialisation or rematerialisation of share
certificates may take place between Wednesday, 27 November 2019 and Friday,
29 November 2019, both days inclusive.
3. Shareholders on the South African share register will receive the final
distribution in South African Rand, based on the exchange rate to be announced
by the company on or before Tuesday, 19 November 2019.
For shareholders on the Mauritian share register
Announcement of exchange rate released on the
SEM website on Tuesday, 19 November 2019
Last day to trade on the SEM in order to be
eligible for the final distribution Tuesday, 26 November 2019
Shares commence trading ex-distribution on the SEM Wednesday, 27 November 2019
Record date for shareholders recorded on the
Mauritian share register Friday, 29 November 2019
Payment of final distribution Monday, 2 December 2019
Notes:
1. The above dates are subject to change. Any changes will be released on the
SEM website.
2. Transfers of shares between sub-registers in South Africa and Mauritius may
not take place between Tuesday, 19 November 2019 and Friday, 29 November 2019,
both days inclusive. No dematerialisation or rematerialisation of share
certificates may take place between Wednesday, 27 November 2019 and Friday,
29 November 2019, both days inclusive.
3. Shareholders on the Mauritian share register will receive the final
distribution in Euro.
This short-form announcement is the responsibility of the directors and is
only a summary of the information in the full announcement and does not include
full or complete details. The full announcement was released on SENS on
12 November 2019 and can be accessed by visiting the company's website at
https://www.lighthousecapital.mu/financials/ or by following this hyperlink:
https://senspdf.jse.co.za/documents/2019/jse/isse/LTEE/FY_Q42019.pdf
The full announcement is available for inspection at the registered offices
of the company or its sponsor, at no charge, during office hours from
Wednesday, 13 November 2019 to Wednesday, 20 November 2019. Any investment
decision should be based on the full announcement published on SENS and
available on the company's website.
By order of the board
Intercontinental Trust Ltd
Company secretary
Mauritius - 12 November 2019
Directors: Mark Olivier (chairman); Stephen Delport (CEO)*; Justin Muller*;
Kobus van Biljon*; Jan Wandrag*; David Axten; Karen Bodenstein; Paul Edwards;
Barry Stuhler (*executive director)
There were no changes to the board during the quarter.
Company secretary: Intercontinental Trust Ltd
Registered address: C1-401, 4th Floor, La Croisette, Grand Baie, Mauritius
Transfer secretary in South Africa: Link Market Services South Africa
Proprietary Limited
JSE sponsor: Java Capital
SEM authorised representative and sponsor: Perigeum Capital Ltd
Date: 12/11/2019 05:30:00
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