Further trading statement
ARROWHEAD PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2007/032604/06)
JSE share code: AHA ISIN: ZAE000275491
JSE share code: AHB ISIN: ZAE000275509
(Approved as a REIT by the JSE)
(“Arrowhead” or “the Company”)
FURTHER TRADING STATEMENT
Shareholders are referred to the Company’s pre-close operational update, dividend update and trading statement released on SENS on 15 September 2021,
wherein shareholders were advised that for the year ending 30 September 2021 (“FY2021”), Arrowhead’s distributable income per A share was expected
to grow by the lower of 5% and CPI inflation in accordance with its Memorandum of Incorporation (115.46 cents reported for the 2020 financial year
(“FY2020”)), whilst its distributable income per B share for FY2021 was expected to be between 45.5 cents and 48 cents per B share i.e. between 0% to
6% higher than the distributable income per B share of 45.39 cents reported for FY2020. In that announcement it was also reported that no decision had
yet been made by the Board on the payment of an interim and/or final dividend and if declared, the extent thereof.
The Company is pleased to report that its distributable income for FY2021 is at the higher end of the guidance range. The A share distributable income
being at 120.21 cents per share for FY2021 will be 4.1% higher than that reported for FY2020 (115.46 cents per share) while the B share distributable
income will at 47.72 cents per share be 5.2% higher than that reported for FY2020 (45.39 cents per share). Given the strength of the balance sheet and
liquidity of the Company, the Board is expected to declare a dividend of the distributable income at a 100% pay-out ratio (FY2020: 76.5% pay-out ratio).
Accordingly, it is expected that the Company will declare:
- a gross interim dividend of 58.59120 cents per A share and 23.18748 per B share, being respectively 3.2% and 32.2% higher than the interim
dividend of 56.77442 cents per A share and 17.54203 cents per B share respectively reported in FY2020; and
- a gross final dividend for FY2021 of 61.62004 cents per A share and 24.53188 cents per B share, being respectively 5.0% and 58.8% higher than
the final dividend of 58.68576 cents per A share and 15.44616 cents per B share declared in FY2020.
The combined gross interim and final dividend expected to be declared, of 120.21124 cents per A share and 47.71936 cents per B share represent
respectively a 4.1% and 44.6% increase on the 115.46018 cents per A share and 32.98819 cents per B share declared in FY2020.
The information on which this trading statement has been based has not been reviewed or reported on by the Company’s auditors. Arrowhead’s results
for FY2021 will be announced on SENS on 24 November 2021.
23 November 2021
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Date: 23-11-2021 01:40:00
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