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Condensed unaudited consolidated interim results for the three and six months ended 31 March 2020
Lighthouse Capital Limited
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
LEI: 549300UG27SWRF0X2U62
("Lighthouse" or "the company" or "the group")
www.lighthousecapital.mu
Short-form announcement: condensed unaudited consolidated interim
financial results for the three and six months ended 31 March 2020
Lighthouse is a 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 in listed real estate and infrastructure securities.
The board has declared an interim cash distribution of 1,57500 EUR cents
per share for the six months ended 31 March 2020. This is in line with the
guidance provided. Lighthouse achieved 1,59675 EUR cents of distributable
earnings per share for the interim period ended 31 March 2020. The board's
distribution policy allows for retaining distributable earnings and the
payout ratio for the interim period is 98,6%.
Unaudited Unaudited
for the for the
six months six months
ended ended Movement
Mar 2020 Mar 2019 %
Total revenue (EUR) 16 705 512 15 097 204 10,7
Basic and diluted loss per
share (EUR cents) (11,43) (5,55) (105,9)
Headline loss and diluted
headline loss per share
(EUR cents) (11,37) (5,53) (105,6)
Distribution (EUR cents per
share) 1,57500 1,50000 5,0
Management account information:
Net asset value per share
(EUR cents) 40,96 55,59 (26,3)
Gearing (%)# 20,7 28,0 (26,1)
# 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, listed securities and loans advanced.
Outlook
Lighthouse is in a strong financial position and the board's policy is to
continue paying distributions covered by distributable cash flows.
Previous distribution guidance is, however, withdrawn.
The board is mindful of the structural impact of COVID-19 and that the
road to recovery in Europe will be volatile and uneven. Notwithstanding
these challenges, Lighthouse is well positioned to make significant
strategic investments at steep discounts to long-term value.
Payment of interim distribution
The board has approved and notice is hereby given of an interim cash
distribution of 1,57500 EUR cents per share for the six months ended
31 March 2020.
Salient dates and times
For shareholders on the South African share register
2020
Announcement of exchange rate released on SENS on or
before Tuesday, 12 May
Last day to trade on the JSE in order to be
eligible for the interim distribution Tuesday, 19 May
Shares commence trading ex-distribution on
the JSE Wednesday, 20 May
Record date for shareholders recorded on the
South African share register Friday, 22 May
Payment of interim distribution Monday, 25 May
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, 12 May 2020 and Friday,
22 May 2020, both days inclusive. No dematerialisation or
rematerialisation of share certificates may take place between Wednesday,
20 May 2020 and Friday, 22 May 2020, both days inclusive.
3. Shareholders on the South African share register will receive the
interim distribution in South African Rand, based on the exchange rate
to be announced by the company on or before Tuesday, 12 May 2020.
For shareholders on the Mauritian share register
2020
Announcement of exchange rate released on
the SEM website on or before Tuesday, 12 May
Last day to trade on the SEM in order to be
eligible for the interim distribution Tuesday, 19 May
Shares commence trading ex-distribution
on the SEM Wednesday, 20 May
Record date for shareholders recorded on the
Mauritian share register Friday, 22 May
Payment of interim distribution Monday, 25 May
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, 12 May 2020 and Friday,
22 May 2020, both days inclusive. No dematerialisation or
rematerialisation of share certificates may take place between Wednesday,
20 May 2020 and Friday, 22 May 2020, both days inclusive.
3. Shareholders on the Mauritian share register will receive the interim
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 30 April 2020 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/2020/jse/isse/LTEE/FY_Q22020.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 Monday, 4 May 2020 to Monday, 11 May 2020. 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 - 30 April 2020
Directors: Mark Olivier (chairperson); Stephen Delport (CEO)*;
Justin Muller*; Kobus van Biljon*; Jan Wandrag*; David Axten; Stuart Bird;
Karen Bodenstein; Paul Edwards; Barry Stuhler (*Executive director)
Change to the board: Mr Stuart Ian Bird was appointed to the board as an
independent non-executive director with effect from 12 February 2020
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: 30-04-2020 01:53:00
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