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17-Oct-2017
(Official Notice)
Shareholders are advised that at the annual general meeting of Tower held on 17 October 2016 (in terms of the notice of annual general meeting dispatched to shareholders on 15 September 2017), all resolutions tabled thereat, (other than ordinary resolutions 3, 4, 9 and 10 which were withdrawn) and including ordinary resolutions 7 and 8 which were modified to limit the scope of the authority under each resolution to 5% of the group's shares in issue, and to limit the price at which shares may be issued to the net asset value per Tower share, as detailed in the announcement released on SENS on 11 October 2017, were passed by the requisite majority of Tower shareholders.



Details of the results of voting at the annual general meeting are as follows:

*total number of Tower shares that could have been voted at the annual general meeting: 340 100 686

*total number of Tower shares that were present/represented at the annual general meeting: 258 190 265 being 75.92% of the total number of Tower shares that could have been voted at the annual general meeting



Shareholders are further advised that at the annual general meeting, non-executive directors Bruce Kerswill and Keith Craddock who were due to retire by rotation at the annual general meeting did not stand for re-election due to perceived conflicts of interests and accordingly ordinary resolutions 3 and 4 were withdrawn. Tower thanks Bruce and Keith for their contribution to Tower during their time as directors.



Shareholders are advised that Tower's interim results for the six months ended 30 November 2017 will be released on SENS on or about 13 February 2018 and not 31 January 2018 as stated in the integrated annual report.
11-Oct-2017
(Official Notice)
Shareholders are referred to the notice of annual general meeting (?AGM?) sent to shareholders on 15 September 2017 and in particular to ordinary resolutions 7, 8, 9, 10 and 11 relating to the control over unissued shares, the general authority to issue shares for cash, the adoption of the Tower Property Fund Incentive Scheme, the specific authority to issue shares pursuant to a reinvestment option and the non- binding advisory vote in respect of the company?s remuneration policy.



Following feedback from institutional shareholders and in order to further enhance good corporate governance, Tower is proposing to:

- withdraw ordinary resolution 10 relating to the specific authority to issue shares pursuant to a reinvestment option;

- withdraw ordinary resolution 9 relating to the adoption of the Tower Property Fund Incentive Scheme;

- publish a detailed remuneration policy providing shareholders with additional information relating to ordinary resolution 11; and

- limit the scope of the authority to be granted in terms of ordinary resolution 7 and ordinary resolution 8.



The Tower annual general meeting will be held at 10h00 on Tuesday, 17 October 2017 at the Belmont Conference Centre, Belmont Road, Rondebosch, Cape Town.
15-Sep-2017
(Official Notice)
Shareholders are advised that Tower?s integrated report containing summarised audited annual financial statements for the financial year ended 31 May 2017 has been dispatched to shareholders. The integrated report and audited annual financial statements, are available with immediate effect, on the company?s website, www.towerpropertyfund.co.za. The annual financial statements contain no changes to the summarised audited consolidated annual results for the year ended 31 May 2017, released on SENS on 31 July 2017.



The integrated report contains a notice of annual general meeting which will be held at 10h00 on Tuesday, 17 October 2017 at the Belmont Conference Centre, Belmont Road, Rondebosch, Cape Town. The last day to trade in order to be eligible to participate in and vote at the annual general meeting is Tuesday, 3 October 2017 and the record date for voting purposes is Friday, 6 October 2017.



Shareholders are hereby notified that in accordance with the JSE Listings Requirements, the company?s annual compliance report in terms of section 13G(2) of the Broad-Based Black Economic Empowerment Act 53 of 2003 read with the Broad-Based Black Economic Empowerment Amendment Act 46 of 2013, is available on the company?s website.
31-Jul-2017
(C)
Revenue for the year rose to R437.0 million (R355.7 million). net operating profit jumped to R458.1 million (R301.6 million). Profit attributable to equity shareholders multiplied to R437.1 million (R158.8 million). In addition, headline earnings per share increased to 95.1 cents per share (69.5 cents per share).



Dividend

Notice is hereby given that a gross cash dividend of 38.67641 cents per share (dividend number 8) has been declared from income reserves in respect of the year ended 31 May



Company prospects

The "business rescue" of Agrokor in Croatia and the deteriorating political landscape in South Africa have made recent months particularly difficult to navigate for Tower's management. The slowing consumer economy has negatively affected the performance of several large retailers which will affect the property market and sentiment in South Africa.



Tower's properties are however performing above the SA Property Owners Association (SAPOA) benchmarks, are well managed and should continue to grow their net property income. Shareholders should expect 6 to 8% growth in distribution per share for the next twelve months.



The resolution of the Agrokor/Konzum tenancy is currently Tower's main priority. Shareholders are assured that all steps are being taken to ensure that the fund's rights are protected. Subject to required approvals, Tower plans to ring-fence its Croatian properties in a separate vehicle in which Tower will hold interests, allowing shareholders direct investment into offshore assets.
25-Jul-2017
(Official Notice)
26-Jun-2017
(Official Notice)
02-May-2017
(Official Notice)
31-Jan-2017
(C)
Revenue for the interim period grew to R222.7 million (R182.9 million). Net operating profit increased to R195.4 million (R132.8 million). Profit attributable to equity holders shot up to R305.1 million (R129.7 million). In addition, headline earnings per share more than doubled to 66.8 cents per share (32.4 cents per share).



Dividend distribution

Notice is hereby given that a gross dividend of 38.40257 cents per share (dividend number 7) has been declared in respect of the six months ended 30 November 2016.



Prospects

The company is well positioned to grow its core earnings into the future. The reinvestment of the anticipated once-off earnings in the portfolio present a material boost to earnings which we believe will be realised in the short to medium-term. Assuming property net income growth of 6-8% per annum, total distribution growth is expected to be strong in 2018 (this assumes no major tenant failures nor major macro-economic declines). The additional R240 million of profits have not been included in these forecasts.
11-Jan-2017
(Official Notice)
19-Oct-2016
(Official Notice)
Shareholders are advised that at the annual general meeting of Tower held on 19 October 2016 (in terms of the notice of annual general meeting dispatched to shareholders on 28 September 2016), all resolutions tabled thereat were passed by the requisite majority of Tower shareholders.
28-Sep-2016
(Official Notice)
Shareholders are advised that Tower?s integrated report and the audited annual financial statements for the financial year ended 31 May 2016 has been dispatched to shareholders and is available with immediate effect, on the company?s website, www.towerpropertyfund.co.za and contain no changes to the abridged audited consolidated annual financial statements for the year ended 31 May 2016, released on SENS on 4 August 2016.



The integrated report contains a notice of annual general meeting which will be held at 10h00 on Wednesday, 19 October 2016 at the Belmont Conference Centre, Belmont Road, Rondebosch.



The last day to trade in order to be eligible to participate in and vote at the annual general meeting is Tuesday, 11 October 2016 and the record date for voting purposes is Friday, 14 October 2016.
02-Sep-2016
(Official Notice)
Shareholders are referred to the cautionary announcement released on SENS on 5 August 2016 and are advised that the negotiations referred to in that announcement have been terminated.



Accordingly, caution is no longer required to be exercised when dealing in the company?s securities.



05-Aug-2016
(Media Comment)
Business Report highlighted that the proposed residential developments at the Cape Quarter precinct in Cape Town by Tower Property Fund were expected to have a positive impact on the listed group's future distributable income. The group also plans to sell non-core properties to strengthen its balance sheet and reduce debt and is reviewing the strong growth pipeline that exists in Croatia, Eastern Europe and South Africa relative to the access to and the cost of capital in South Africa.
05-Aug-2016
(Official Notice)
Shareholders are advised that Tower has entered into negotiations, which if successfully concluded, may have a material effect on the price of the company?s securities. Accordingly, shareholders are advised to exercise caution when dealing in the company?s securities until a full announcement is made.

04-Aug-2016
(C)
Revenue for the year increased to R376.5 million (2015: R247.7 million). Net operating profit jumped to R301.6 million (2015: R200.8 million), profit for the period attributable to equity shareholders of Tower lowered to R158.8 million (2015: R226.4 million), while headline earnings per share decreased to 69.5 cents per share (2015: 82.6 cents per share).



Dividend distribution

Notice is hereby given that a gross dividend of 46.81552 cents per share (dividend number 6) has been declared in respect of the year ended 31 May 2016.



Prospects

Management will bed down the Agrokor acquisition in the short term and look to extract as much value out of its South African core properties as possible. Proposed residential developments at Cape Quarter are awaiting local authority approval and these are expected to have a positive impact on the group's distributable earnings. Non-core properties will be sold as the group looks to strengthen its balance sheet and reduce debt. A strong growth pipeline exists in Croatia, Eastern Europe and South Africa and these opportunities are being reviewed relative to the access to and the cost of capital in South Africa.



The directors anticipate core earnings growth of greater than 10% for the year ending 31 May 2017. This growth will translate into total distribution growth of 6%. This assumes no major tenant or macroeconomic changes.



Notice of AGM

The Annual General Meeting will be held on 19 October 2016 at 10:00 at the Belmont Conference Centre.
15-Jul-2016
(Official Notice)
Tower advised that it has successfully implemented the internalisation of Tower?s asset management, as approved by shareholders at the general meeting held on 24 May 2016. In line with international best practice, Tower is now an internally managed company.



Shareholders are advised that following the internalisation of Tower?s asset management, Bruce Kerswill and Keith Craddock have resigned as executive directors of Tower. Bruce Kerswill and Keith Craddock continue to serve on the Tower board of directors as non-executive directors.
22-Jun-2016
(Official Notice)
Tower advises that it has successfully closed the approximately EUR66.6million acquisition of four Konzum stores and shopping centres in Croatia from Agrokor d.d. and Konzum d.d., as detailed in the circular issued to shareholders dated 22 April 2016 (?the circular?) and related SENS announcements. Tower believes that this is a transformative transaction for the company, aligning it with the largest company in the Adriatic region.



27-May-2016
(Official Notice)
Tower is pleased to announce that it has closed its book build announced on 25 May 2016.



Tower has raised R740 million, placing 92 500 000 new Tower shares at a price of R8.00 per share (the ?new Tower shares?). Tower will accordingly proceed to implement the Agrokor transaction and internalisation of its asset management, as detailed in the circular issued to shareholders on 22 April 2016.



25-May-2016
(Official Notice)
Tower announced an equity capital raise of up to R820 million (the ?equity capital raise?) through the issue of new Tower shares (?new shares?), at an issue price of R8 per share, in terms of a vendor consideration placing, as approved by shareholders at the general meeting held on 24 May 2016.



The equity raise is offered to qualifying investors through a bookbuild process conducted on the JSE (the ?bookbuild?) open to eligible and invited participants and subject to a minimum subscription application of R1 million per applicant. The equity raise is not an offer to the public as referred to in the South African Companies Act, No.71 of 2008, as amended. All public and non-public investors (as defined under paragraphs 4.25 ? 4.26 of the JSE Listings Requirements) may participate in the vendor consideration placing.



Given the current market conditions and economic volatility, a pre-commitment fee equivalent to 1.5% of the amount pre-committed is offered on all pre-commitments to the equity capital raise of R100 million or more.



The bookbuild is now open and the company reserves the right to close it at any time. The new shares, when issued, will be credited as fully paid and will rank pari passu in all respects with existing shares. Allocations will be announced as soon as is reasonably practicable following the closing of the bookbuild.



Java Capital is acting as sole bookrunner.
24-May-2016
(Official Notice)
Shareholders are referred to the announcement released on SENS on 22 April 2016 wherein shareholders were advised that Tower had posted a circular, together with a notice convening a general meeting, to shareholders relating to:

*the proposed acquisition by Tower of four Konzum stores and shopping centres in Croatia from Agrokor d.d. and Konzum d.d. (the ?transaction?); and

*the proposed internalisation of Tower?s asset management.



Shareholders are advised that at the general meeting of Tower shareholders, held on Tuesday, 24 May 2016, all

of the resolutions tabled thereat were passed by the requisite majority of shareholders.



Details of the results of the general meeting are as follows:

*total number of Tower shares that could have been voted at the general meeting: 240 351 709

*total number Tower shares that were present/represented at the general meeting: 189 152 148 (being 78.70% of the total number of shares that could have been voted at the meeting).



Tower will shortly be proposing an equity capital raise of up to R820 million (the ?equity capital raise?) through the issue of new Tower shares, at an issue price of R8 per share, in terms of a vendor consideration placing.



The equity raise will be offered to qualifying investors through a bookbuild process conducted on the JSE (the ?bookbuild?). Applications will be subject to a minimum subscription amount of R1 million per applicant. Given the current market conditions and economic volatility, a pre-commitment fee equivalent to 1.5% of the amount pre-committed will be offered on all pre-commitments to the equity capital raise of R100 million or more.



A further announcement will be released on SENS advising investors when the bookbuild opens. Further information on the bookbuild is available on Tower?s website at www.towerpropertyfund.co.za.
22-Apr-2016
(Official Notice)
Shareholders are referred to the announcements released on SENS on 27 January 2016 and 9 March 2016 regarding the proposed acquisition by Tower of four Konzum stores and shopping centres in Croatia from Agrokor d.d. and Konzum d.d. (the ?Agrokor acquisition?) as well as the announcement released on SENS on 13 April 2016 regarding the Agrokor acquisition and the proposed internalisation of Tower?s asset management (the ?Manco internalisation?). Shareholders are advised that a circular regarding the Agrokor acquisition and Manco internalisation (the ?circular?), incorporating a notice of general meeting, was posted to Tower shareholders on 22 April 2016. A general meeting of Tower shareholders will be held at 10:00 on Tuesday, 24 May 2016 at Belmont Square Conference Centre, 22 Belmont Road, Rondebosh, 7700, to consider and, if deemed fit, pass, with or without modification, the resolutions contained in the notice of general meeting. A copy of the circular is available on Tower?s website (www.towerpropertyfund.co.za).



The salient dates and times for the circular and general meeting are set out below: 2016

*Record date to be entitled to receive this circular Friday, 15 April

*Circular posted to Tower shareholders on Friday, 22 April

*Announcement of posting of circular and notice of general meeting on SENS on Friday, 22 April

*Announcement of posting of circular and notice of general meeting in the press on Monday, 25 April

*Last day to trade in order to attend and vote at the general meeting Friday, 6 May

*Record date in order to be eligible to attend and vote at the general meeting Friday, 13 May

*Receipt of forms of proxy in respect of the general meeting of Tower shareholders by 10:00 on Friday, 20 May

*The general meeting to be held at 10:00 on Tuesday, 24 May

*Results of the general meeting and finalisation announcement released on SENS on Tuesday, 24 May

13-Apr-2016
(Official Notice)
09-Mar-2016
(Official Notice)
Shareholders are referred to the announcement released on SENS on 27 January 2016 regarding the proposed acquisition of 4 Croatian shopping centres from Agrokor d.d. and Konzum d.d. (the ?acquisition?).



The financial effects of the acquisition will be published in due course.



Tower shareholders are advised to continue to exercise caution when dealing in the company?s securities until a further announcement is made.



04-Feb-2016
(C)
Revenue for the interim period increased to R182.9 million (2014: R117.9 million). Net operating profit rose to R132.8 million (2014: R96.5million), while total comprehensive profit for the period grew to R151.1 million (2014: R98.9 million). Furthermore, headline earnings per share came in at 32.4cps (2014: 42.7cps).



Dividend distribution

Notice is hereby given that dividend number 5 of 45.1875 cents per share has been declared in respect of the six months ended 30 November 2015.



Prospects

Management continues to focus on the acquisition of strategic properties to ensure the sustainability of the Fund and to enhance returns to investors. As detailed above, the Fund continues to seek value-enhancing refurbishment opportunities in its key portfolio and currently has a pipeline of refurbishment works of over R200 million.



Properties valued at approximately R700 million in South Africa are expected to be acquired in the first half of 2016. A sale and lease back acquisition of four retail shopping centres to the value of ?66.4 million (R1.1 billion), from the largest retailer in the Adria region, Agrokor, was signed on 27 January 2016. The acquisition of these properties is subject to conditions precedent and shareholder approval. The directors are concerned with the current state of the South African economy which had a material impact on markets towards the end of 2015. Tenants will feel pressure as the economy continues to weaken and this will lead to increases in vacancies and bad debts. Management will continue to manage these metrics aggressively looking for innovative ways (most notably through greening) to ensure affordable occupancy for our clients, the tenants of our properties.



The Fund?s Croatian strategy serves as a hedge against local uncertainty as this Eastern European country is currently in a growth phase following years of recession. Tower?s reputation in Croatia is gaining strength based on our partnership relationships and the directors expect growth from the region in the medium-term.

27-Jan-2016
(Official Notice)
15-Jan-2016
(Official Notice)
Shareholders are advised that Tower has concluded an agreement for the disposal of the property letting enterprise in respect of the property situated at 73 Hertzog Boulevard, Cape Town (the ?property?) to the Kia Joy Trust (?Kia Joy? or the ?purchaser?) for an aggregate consideration of R111 000 000 (exclusive of VAT at zero percent) (the ?disposal?). The property is no longer core to Tower?s strategy and the disposal will also enable Tower to focus on its pipeline of acquisitions which allow for higher and more sustainable growth. The proceeds of the disposal will be used, initially, to reduce the existing debt of Tower.



Terms of the disposal

Kia Joy will acquire the property letting enterprise, which includes the property, with effect from the date of registration of transfer of the property into Kia Joy?s name (the ?transfer date?). The sale consideration for the property letting enterprise will be payable in cash on the transfer date.



The disposal remains conditional upon:

- the purchaser being satisfied with the outcome of its due diligence investigation;

- the purchaser obtaining debt finance for 75% of the sale consideration payable for the disposal;

- Tower receiving a bank guarantee securing payment of the sale consideration for the disposal;

- approval of the Competition Authorities in terms of the Competition Act, No 89 of 1998.



The disposal agreement includes warranties, undertakings and indemnities which are normal for a disposal of this nature.
21-Oct-2015
(Official Notice)
Shareholders are advised that at the annual general meeting of shareholders held on 21 October 2015 (in terms of the notice of annual general meeting dispatched to shareholders on 21 September 2015), all resolutions tabled thereat (including ordinary resolution number 7 which was modified as detailed in the announcement released on SENS on 13 October 2015) were passed by the requisite majority of Tower shareholders.
13-Oct-2015
(Official Notice)
Shareholders are advised that, following feedback from institutional shareholders on the resolutions proposed for adoption at the annual general meeting to be held at the Belmont Conference Centre, Belmont Road, Rondebosch, on Wednesday, 21 October 2015 at 10:00, Tower has decided to limit the scope of authority granted in terms of ordinary resolution 7, placing the authorised but unissued share capital of the group under the control of the board of directors, by reducing:

*the number of authorised but unissued ordinary shares that may be allotted, issued or otherwise disposed of, from 20% of the group?s issued share capital to 10% of the group?s issued share capital; and

*the maximum discount at which the shares may be issued from 10% to 5% of the weighted average traded price on the JSE of those shares over the 30 business days prior to the date that the price of the issue is agreed.

21-Sep-2015
(Official Notice)
Shareholders are advised that Tower?s integrated report and the audited annual financial statements for the financial year ended 31 May 2015 are available with immediate effect, on the company?s website, www.towerpropertyfund.co.za and contain no changes to the provisional reviewed annual results for the year ended 31 May 2015, released on SENS on 26 August 2015. The unmodified auditors? opinion is available for inspection at the company?s registered office. The summarised audited financial information for the financial year ended 31 May 2015, together with the notice of annual general meeting was dispatched to shareholders on 21 September 2015.



The company?s annual general meeting will be held at 10h00 on Wednesday, 21 October 2015 at the Belmont Conference Centre, Belmont Road, Rondebosch. The last day to trade in order to be eligible to participate in and vote at the annual general meeting is Friday, 9 October 2015 and the record date for voting purposes is Friday, 16 October 2015.
26-Aug-2015
(C)
Revenue amounted to R247.7 million (R191.3 million), while profit from operations was recorded at R303.3 million (R148.5 million), and headline earnings per share came in at 82.6cps (93.1cps).



Dividend distribution

Notice is hereby given that dividend number 4 of 44.81114 cents per share has been declared in respect of the year ended 31 May 2015.



Prospects

Management continues to focus on the acquisition of strategic properties and other assets to ensure the sustainability of the Group and to enhance returns for investors. Management has a strong pipeline of properties in South Africa, valued at over R1.5bn which it is currently in negotiations on. These properties are well located with strong cash flows. A pipeline of a further R1.5bn worth of properties exists in Croatia which management is carefully evaluating. Management anticipates 6-8% growth in earnings for the full year end 31 May 2016 subject to tenancies and market conditions remaining stable.
24-Jun-2015
(Official Notice)
01-Jun-2015
(Official Notice)
Shareholders are advised that Tower has closed its book build announced on 1 June 2015. In light of strong demand, the amount of capital raised was increased from R300 million to R500 million through the placing of 52 631 579 shares at a price of R9.50 per share. Subject to approval by the JSE, listing and trading of the new shares is expected to commence at 09:00 on 8 June 2015.
01-Jun-2015
(Official Notice)
Tower announces an equity raising of approximately R300 million through the issue of new shares (the equity raise) and will be completed as part of a vendor consideration placing (as defined under paragraph 5.62 of the JSE Listings Requirements) and where required, under the company?s remaining general authority to issue shares for cash.



The equity raise will be implemented through an accelerated book build process (the ?book build?). All public and non-public investors (as defined under paragraphs 4.25 - 4.26 of the JSE Listings Requirements) may participate in the vendor consideration placing and only public investors may participate in the equity raise under the company?s general authority to the extent available and subject to a minimum subscription application of R1 million per applicant. The book build is now open and the company reserves the right to close it at anytime. The new shares, when issued, will be credited as fully paid and will rank pari passu in all respects with existing shares. Pricing and allocations will be announced as soon as is reasonably practicable following the closing of the book build.



Tower reserves the right to increase the size of the equity raise subject to demand. Java Capital is acting as sole bookrunner.
29-May-2015
(Official Notice)
04-May-2015
(Official Notice)
By 30 June 2015 Tower expects to have a property portfolio valued at approximately R3.7 billion, which includes properties in the process of transfer. Tower also has a significant pipeline of acquisitions which it is evaluating. The board is confident that the pipeline of new acquisitions will provide the company with sufficient scale to position it to internalise its management company. The board recognises that this would better align the interests of investors and management and is consistent with global best practice.



Accordingly, the company has commenced discussions with the shareholders of Tower Asset Managers (Pty) Ltd. This announcement is for information purposes only and further announcements will be made when and if appropriate.
22-Apr-2015
(Official Notice)
14-Apr-2015
(Official Notice)
31-Mar-2015
(Official Notice)
Shareholders are advised that Tower has concluded an agreement for the acquisition of the property rental enterprise situated at 15 Wellington Road, Parktown, Johannesburg, Gauteng from The Alchemy Property Investments Trust for an aggregate purchase consideration of R80 500 000 (the ?acquisition?). The property has both office and retail space with a gross lettable area of 4 316m2 and a weighted average rental per square meter of R153.74 and an acquisition yield of 10.1%. The property is located in a strong node and is classified as A grade. The asset fits with Tower?s strategy of acquiring office, retail and industrial properties in good locations throughout South Africa.



The purchase consideration will be settled through the issue of Tower shares and cash on a 50/50 basis, payable on the date of registration of transfer of the property into Tower?s name. The agreement includes undertakings, warranties and indemnities which are normal for an acquisition of this nature. The acquisition is not categorisable in terms of the JSE Listings Requirements and is not subject to approval by Tower shareholders.

19-Mar-2015
(Media Comment)
Business Report announced that the Cape Quarter, flagship property of Tower, has received a photovoltaic solar energy system installation as part of Tower's strategy to reduce occupancy cost and greening all their properties. The Cape Quarter was the first property of Tower to receive the system, consisting of 702 solar panels, and initial results indicate that a total of R400 000 will be saved on electricity per year. Marc Edwards, Chief executive of Tower, said lightning and other retrofits installed at the Quarter, would allow for about R1 million to be saved in energy costs. Edwards also said that over time, Tower's greening initiative will result in reduced occupancy cost for tenants as Tower plans to share the savings with tenants.
06-Feb-2015
(C)
Revenue for the interim period jumped to R117.9 million (2013: R85.2 million). Net operating profit rose to R96.5 million (2013: R70.4million), while total comprehensive profit for the period turned around to R98.9 million (2013: loss of R33.2 million). Furthermore, headline earnings per share remained stable at 42.7cps (2013: 42.5cps).



Dividend distribution

Notice was given that dividend number 3 of 41.991cps has been declared in respect of the six months ended 30 November 2014.



Prospects

Management continues to focus on the acquisition of strategic properties to ensure the sustainability of the fund and to enhance returns for investors.



As detailed above, retail and office properties worth R481 million have been acquired since the end of the period (transfer expected within three months). The purchase of a further retail property of R110 million is expected to be announced shortly. This will bring total acquisitions expected in the first quarter of the 2015 financial year to R591 million. Further commercial property totalling R900 million is under negotiation. Management expects the value of the portfolio to reach R3.5 billion by year end in May 2015.



The directors remain committed to meeting the distribution forecast of 86.6 cents for the 2015 financial year, as published in the company's pre-listing statement in July 2013.
05-Feb-2015
(Media Comment)
Business Report announced that Tower expects the fund's total property portfolio value to increase to R3.5 billion by June 2015 from R2.06 billion in May last year by manner of acquisitions. Tower confirmed that the transfer of properties valued at R480 million into its portfolio was expected to be finalised by the end of April 2015 and that a further acquisition of commercial properties was proposed to the value of R500 million. The properties acquired includes two office buildings and three retail properties. Grindrod plans to roll out an occupancy cost reduction strategy to these new buildings Mr Marc Edwards, chief executive of Tower, said.
16-Jan-2015
(Official Notice)
12-Jan-2015
(Official Notice)
Following Tower?s listing on the JSE on 19 July 2013, the comparative period ended 30 November 2013 was a five month period. Accordingly, shareholders are advised that Tower expects that the distribution per share for the six months ending 30 November 2014 will be between 40 and 42 cents per share, being between 21% and 27% higher than the 33 cents per share for the 5 months ended 30 November 2013. The unaudited results for the six month period ended 30 November 2014 will be published on SENS on or about 6 February 2015.
19-Dec-2014
(Official Notice)
27-Nov-2014
(Official Notice)
Shareholders are advised that Chief Financial Officer, Fred Jenkings will retire from the board of directors of Tower with effect from 31 December 2014. Joanne Mabin has been appointed as Chief Financial Officer with effect from 1 January 2015, in his stead.



Fred's company, Ovland Management Services (Pty) Ltd., remains the Company Secretary of the group.
02-Oct-2014
(Official Notice)
Shareholders are advised that at the annual general meeting of shareholders held on Thursday, 2 October 2014 (in terms of the notice of annual general meeting dispatched to shareholders on 29 August 2014), all of the resolutions tabled thereat were passed by the requisite majority of Tower shareholders.
29-Aug-2014
(Official Notice)
31-Jul-2014
(Official Notice)
Shareholders are advised that Tower has concluded an agreement for the acquisition (the "acquisition") of the entire issued share capital of and claims against Micawber 219 (RF) (Pty) Ltd. ("Micawber"), which owns the Medscheme Building situated at 38 Conrad Street, Florida North and the rental enterprise conducted in respect thereof (the "Medscheme building" or the "property") from Coco Haven 31 (Pty) Ltd. (the "seller") for an aggregate purchase consideration of R110 615 000 (exclusive of VAT) (the "purchase consideration").



The tenant has occupied the premises since 2002 with rentals escalating annually by 11%. The weighted average rental amounts to R158 per meter squared. The tenant has renewed its lease with effect from 1 December 2014 for 5 years. Rentals for the new period have reverted to more sustainable, market related rentals. The new weighted average rental amounts to R93.50 per meter squared for a fully repairing lease.



The effective date of the acquisition will be 31 August 2014 and the closing date of the acquisition will be 1 September 2014. The purchase consideration will be settled in Tower shares (the "consideration shares") on the closing date. The issue price of the consideration shares will be the lower of R8.70 and the last available volume weighted average traded price per Tower share as at the closing date, for the period from 18 August 2014 to the day before the closing date. The agreement includes undertakings, warranties and indemnities which are normal for an acquisition of this nature.
24-Jul-2014
(C)
Tower Property Fund became South Africa's first new real estate investment trust ("REIT") to list when the group made its debut on the JSE in July 2013. No comparatives have been included as this is the maiden final results for the company. Revenue amounted to R191.3 million, while profit from operations was recorded at R148.1 million and headline earnings per share came in at 94.4cps.



Dividend distribution

Notice is hereby given that dividend number 2 of 41.6cps has been declared in respect of the 6 months ended 31 May 2014.



Prospects

Management will continue to enhance the portfolio and investor returns through careful cost control of its existing portfolio and the continued roll out of greening initiatives. Well located, quality properties will be sourced to strengthen the portfolio and reduce risk to particular properties. Over R1 billion of new acquisitions are being negotiated and management is currently undertaking extensive due diligence on these properties. Refurbishment opportunities within the portfolio will be examined as will the pipeline of development opportunities which are becoming apparent.



04-Jun-2014
(Official Notice)
Shareholders are referred to the cautionary announcement released on SENS on 23 May 2014 and are advised that it has been communicated to Tower that the negotiations referred to in that announcement have been terminated.



Accordingly, caution is no longer required to be exercised when dealing in the company's securities.

23-May-2014
(Official Notice)
Shareholders are advised that Tower is aware of negotiations that are underway in regard to the company that, if successfully concluded, may have a material effect on the price of the company?s securities. Accordingly, shareholders are advised to exercise caution when dealing in the company?s securities until a full announcement is made.

17-Mar-2014
(Official Notice)
Tower shareholders are referred to the previous cautionary announcements, the last of which was dated 26 February 2014, and are advised that following the release of this announcement, caution is no longer required to be exercised by Tower shareholders when dealing in their shares.
17-Mar-2014
(Official Notice)
26-Feb-2014
(Official Notice)
11-Feb-2014
(Official Notice)
The financial effects of the acquisition will be published shortly. Shareholders of Tower are advised to exercise caution when dealing in their shares until the financial effects of the acquisition are announced.
11-Feb-2014
(Official Notice)
11-Feb-2014
(Official Notice)
31-Jan-2014
(Official Notice)
30-Jan-2014
(Official Notice)
Shareholders are referred to the cautionary announcement released on SENS on 12 December 2013 and are advised that Tower is still in negotiations in relation to the potential acquisition of further properties. Accordingly, shareholders are advised to continue to exercise caution when dealing in their Tower securities until a further announcement is made.
23-Jan-2014
(C)
Tower Property Fund Ltd. successfully listed as the first new REIT on the JSE on 19 July 2013. No comparatives have been included as this is the maiden interim results for the company. Revenue amounted to R85.2 million, while profit from operations was recorded at R1.9 million. Headline earnings per share came in at 42.5cps.



Dividend distribution

Notice is hereby given that dividend number 1 of 33cps has been declared in respect of the 6 months ended 30 November 2013.



Prospects

Management continues to focus on the acquisition of strategic properties to ensure the sustainability of the fund and to enhance returns for investors. Commercial property totaling R300 million is currently under negotiation with a pipeline of a further R500 million in acquisitions being evaluated. Tower will continue to upgrade and add value to buildings over time, as well as seeking 'greenable' properties as the portfolio is expanded.



Management aims to reduce debt costs by funding a portion of the debt through the debt capital markets as the fund grows. Management will look to further fix the fund's debt exposure on a sustainable basis. The directors remain committed to meeting the earnings and dividend forecasts for the 2014 financial year, as detailed in the group's pre-listing statement.



12-Dec-2013
(Official Notice)
Shareholders are advised that Tower is in negotiations in relation to the potential acquisition of further properties.



Shareholders are advised to exercise caution when dealing in their Tower securities until a further announcement is made.
04-Aug-2016
(X)
Tower is a property investment fund that is structured as a REIT. The business of the Tower group is long-term investment in property, and the Tower group owns a diversified portfolio of office and retail properties based predominantly in Gauteng and the Western Cape, with some exposure in KwaZulu-Natal.



Tower currently owns the existing portfolio of 14 properties in the retail and office sectors, valued at approximately R956 050 000, comprising the Cape Quarter portfolio (three properties), the Lucky Bean portfolio (seven properties) and the City Square portfolio (four properties). Tower has entered into transactions to acquire a further 13 properties in the retail and office sectors, valued at R693 800 000.



The company aims to provide investors with strong investment returns, comprising a growing income stream and capital value. This will be achieved, firstly, by adding value through active property asset management, and secondly, through the cost-effective "greening" of properties in the portfolio which will result in reduced occupation costs for tenants and increased investment performance.


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