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SA CORPORATE REAL ESTATE LIMITED - Postponement of distribution and withdrawal of dividend guidance

Release Date: 30/03/2020 17:20
Code(s): SAC     PDF:  
Wrap Text
Postponement of distribution and withdrawal of dividend guidance

SA Corporate Real Estate Limited
(Incorporated in the Republic of South Africa)
Share Code: SAC ISIN Code: ZAE000203238
(Registration number 2015/015578/06)
("SA Corporate" or “the Company”)
REIT status approved

POSTPONEMENT OF DISTRIBUTION IN RESPECT OF THE INCOME DISTRIBUTION PERIOD 1 JULY 2019
TO 31 DECEMBER 2019 AND WITHDRAWAL OF DIVIDEND GUIDANCE

Postponement of distribution

Shareholders are referred to the final distribution declaration announcement released on SENS on
Tuesday, 10 March 2020, wherein shareholders were advised that the board of directors of SA
Corporate (the “Board”) had declared a final gross cash distribution of 17.66 cents per share in respect
of the income distribution period 1 July 2019 to 31 December 2019 (“final distribution”).

Given the uncertainty as to the duration and extent of the impact that COVID-19 will have on the
operational activities of the Company’s business together with further measures announced by
President Cyril Ramaphosa on Monday, 23 March 2020, in which he outlined a 21-day national
lockdown, the Board has considered it prudent and in the best interests of the Company and all its
stakeholders to postpone the payment of the final distribution from Monday, 6 April 2020 to Tuesday,
28 April 2020. The additional time will afford the Board an opportunity to appropriately assess market
conditions and financial risks posed by the Covid-19 threat as well as to review liquidity, during this
period.

The revised dates in respect of the final distribution are set out below:

Last date to trade cum distribution                       Tuesday, 21 April 2020
Shares will trade ex-distribution                         Wednesday, 22 April 2020
Record date to participate in the distribution            Friday, 24 April 2020
Payment of distribution                                   Tuesday, 28 April 2020

Share certificates may not be dematerialised or rematerialised between Wednesday, 22 April 2020 and
Friday, 24 April 2020, both days inclusive.

Shareholders are further advised that the Company has made application to the JSE Limited ("JSE") for a
relaxation of the requirement that SA Corporate, as a REIT, must pay its final distribution within a period
of four months from its year end. Should this application be approved, and subject to relevant market
and financial issues, the Company may further delay the payment of the final distribution, either
partially or fully, to a date within the extension period granted by the JSE. Further updates will be
provided to Shareholders, as and when relevant.

Withdrawal of dividend guidance

Given the uncertainty surrounding the financial impact of the COVID-19 pandemic on SA Corporate, the
Board is of the view that it is no longer appropriate for the dividend guidance for the year ended
31 December 2020, as given on Tuesday, 10 March 2020, to remain in place. The Board will provide
further guidance once there is clarity and certainty on the impact of the COVID-19 pandemic on its
operations.

Cape Town
30 March 2020

Sponsor
Nedbank Corporate and Investment Banking

Date: 30-03-2020 05:20:00
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