|Shareholders are advised in terms of paragraph 3.78 of the JSE Listings Requirements that the Company has been informed by its audit firm, Grant Thornton Johannesburg Partnership ("Grant Thornton"), that there has been a change in its network firm membership from Grant Thornton to BDO South Africa Inc ("BDO"). The change was initiated by Grant Thornton following the merger of Grant Thornton and BDO, effective 1 December 2018.|
Accordingly, the audit firm of the Company is now BDO and the designated audit partner, Garron Chaitowitz, has remained unchanged.
The Company will in due course follow the process detailed in paragraph 3.84(g)(iii) of the JSE Listings Requirements relating to BDO. This process will be completed before BDO signs its next audit report. It is important to note, that whilst the designated audit partner has remained unchanged, the audit and risk committee of the Company will request and consider the separate information about BDO, as the Company is deemed to be appointing BDO for the first time.
|Notwithstanding its date of incorporation, prior to 1 June 2018 Exemplar was not trading and hence the interim results reflect the results of its operations for the 3 months ended 31 August 2018. As this is the first period of trading, no comparative information has been presented. Net property and related income amounted to R107.1 million, while total profit attributable to equity holders of Exemplar came to R115.7 million. Headline earnings per share came to 20.25cps.|
Exemplar has declared a maiden dividend of 19.10 cents per share for the 3 months ended 31 August 2018.
The board of directors of Exemplar is confident that the company will deliver the forecast distribution of at least 61.37 cents per share for the 9 months ending 28 February 2019 as detailed in the prospectus. As indicated in the prospectus this view assumes no material deterioration in the macroeconomic environment relative to current levels, that no major corporate failures will occur and that tenants will be able to absorb increases in municipal and utility costs. Forecast rental income is based on contractual lease terms and anticipated market related renewals.
|Shareholders are advised that Exemplar will be hosting an investor and analyst site visit on Thursday, 2 August 2018.|
During the site visit, a presentation will be made available to the investors and analysts in attendance regarding the Exemplar property portfolio.
The presentation contains no materially new information on Exemplar's current trading or future financial performance and will be available on the company's website (www.exemplarreit.co.za/#sens_announcements) on Thursday, 2 August 2018.
|Exemplar is a focused retail fund specialising in owning, internally managing and growing a portfolio of shopping malls typically in under-serviced, peri-urban townships and rural areas of South Africa. Exemplar holds, either directly or indirectly, a portfolio of 20 income generating properties and has secured a further three shopping centre development properties scheduled to be completed between April 2019 and October 2019. The property portfolio is valued at R5.5 billion, with a GLA of 365 235m? as set out in Annexure 7 of the full prospectus. |
The current property portfolio was acquired in a sequence of transactions prior to the company?s listing from, amongst others, the John McCormick Family Trust ("JMFT"). All the properties were developed by McCormick Property Development (Pty) Ltd. ("MPD"), a privately-owned property developer with a 35-year history in the sector, during which time a total of 62 such developments have been completed. MPD is wholly-owned by the JMFT. The JMFT will be the controlling shareholder of Exemplar on listing.