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Audited Financial Results and Cash Dividend Declaration for the Year Ended 30 June 2023
Texton Property Fund Limited
Incorporated in the Republic of South Africa
Registration number 2005/019302/06
A REIT, listed on the JSE Limited
JSE share code : TEX
ISIN : ZAE000190542
(“Texton” or “the Company”)
Audited Financial Results And Cash Dividend Declaration For The Year Ended 30 June 2023
The macro-environment has been challenging over the period under review. We have witnessed
continuous increases in interest rates, persistent inflation, and ongoing load shedding in South
Africa. Nevertheless, Texton has remained committed to executing its strategy. This includes
investing in our properties, sale of non-core assets, and allocation of capital to offshore assets in
developed markets with best-in-class asset management. Despite the industry challenges, we firmly
believe in the potential for value creation and opportunities within the global real estate market,
which we are confident in unlocking.
Highlights
- Final dividend of 19.26 cents per share declared
- An amount of R12.7 million was allocated towards property investments in South Africa,
these investments were directed towards enhancing the properties through capital
improvements and tenant upgrades
- Vacancies within the core South African portfolio has decreased from 22.3% to 18.5%
- Successfully completed the sale of R447 million of non-core assets
- R60.3 million was deployed to our indirect international property investments
- Reduced long-term debt by R420.9 million of which R240,0 million is a permanent decrease
in long-term debt
Key Financial Results
30 June 2023 30 June 2022 Change %
Property Revenue (R'000) 298 690 333 206 (10,36)
Distributable earnings (R'000) 99 138 91 649 8,17
Headline earnings per share (cents) 16,54 30,49 (45,75)
Earnings per share (cents) (4,26) 11,19 (138,07)
Net asset value per share (cents) 619,37 587,28 5,46
Dividend per share (cents) 19,26 17,00 13,29
Dividend
The Board of directors is pleased to announce that Texton has declared a final dividend of 19.26 cents
per share for the year-ended 30 June 2023 (30 June 2022:7.00 cents). The total dividend for the year
is 19.26 cents per share (30 June 2022:17.00 cents).
Assuming dividend withholding tax will be withheld at a rate of 20%, the net dividend amount due to
non-resident shareholders is 15,40800 cents per share.
The dividend is declared from income reserves.
At the date of the announcement, Texton had 291 423 300 ordinary shares in issue.
Texton may offer a dividend reinvestment plan as a mechanism to conserve cash for future expansion,
which allows shareholders to reinvest their cash dividends into additional shares in the company
(“Share Re-Investment Alternative”). Shareholders will be advised by Friday, 6 October 2023 on
whether the Share Re-Investment Alternative will proceed.
Salient dates and times 2023
Record date for Shareholders to be registered in the Company’s Friday, 22 September
Securities Register in order to be entitled to receive the Circular
Circular and form of election posted to Shareholders and announced Tuesday, 3 October
on SENS on
Last date for Texton to withdraw the entitlement for Shareholders Friday, 6 October
to elect to participate in the Share Re-Investment Alternative before
the publication of the announcement of the Share Re-Investment
Alternative issue price and finalisation information on SENS
Announcement of Share Re-Investment Alternative issue price and Tuesday, 10 October
finalisation information published on SENS (“Finalisation Date”) by
11:00 on
Last day to trade (“LDT”) cum dividend or Share Re-Investment Tuesday, 17 October
Alternative
Shares to trade ex-dividend or Share Re-Investment Alternative Wednesday, 18 October
Listing of maximum possible number of Share Re-Investment Friday, 20 October
Alternative shares with commencement of trading on the JSE
Last day to elect to receive the Share Re-Investment Alternative (no Friday, 20 October
late forms of election will be accepted) at 12:00 (South African time)
Record Date to elect to receive the dividend or Share Re-Investment Friday, 20 October
Alternative
Payment of the Cash Dividend Monday, 23 October
Announcement of results of cash dividend and Share Re-Investment Monday, 23 October
Alternative published on SENS on
Share certificates posted to Certificated Shareholders and accounts Wednesday, 25 October
credited by CSDP or brokers of Dematerialised Shareholders electing
the Share Re-Investment Alternative on
Adjustment to the maximum number of Shares listed on or about Friday, 27 October
Notes
- Shareholders electing the Share Re-Investment Alternative are reminded that the new
Shares will be listed on LDT+3 and that these new Shares can only be traded on LDT+3 as a
result of the settlement of Shares 3 days after the Record Date, which differs from the
conventional 1 day after the Record Date settlement process.
- Shares may not be dematerialised or rematerialised between the commencement of trade
on Wednesday, 18 October 2023 and the close of trade on Friday, 20 October 2023, both
days inclusive.
- All times are South African times. The above dates and times are subject to change and any
change will be advised on SENS and in the press.
The Company’s tax reference number is: 9353785158
Short-form statement
The Annual Financial Statements have been published and can be found on the company’s website,
https://www.texton.co.za/reportsandpublications , and can also be viewed on the JSE link,
https://senspdf.jse.co.za/documents/2023/JSE/ISSE/TEX/FY23Result.pdf
The Annual Financial Statements have been audited by the Group’s auditors, BDO South Africa
Incorporated(“BDO”), who expressed an unmodified opinion thereon. Any investment decision should
be based on the information contained in the Annual Financial Statements. Copies of the Annual
Financial Statements may also be requested from the Company’s registered office.
The financial highlights in this announcement have been correctly extracted from the audited Annual
Financial Statements. This announcement does not include the information required pursuant to
paragraph 16A(j) of IAS 34 ‘Interim Financial Reporting’. The information in this announcement has
not been audited and reported on by Texton’s external auditors.
Sandton
22 September 2023
Important Information
Executive directors: HSP Welleman (Chief Executive officer)
Non-Executive Directors: MA Golding (Non-executive chairman), JR Macey (Lead independent non-
executive), *AJ Hannington, *S Thomas, * W van der vent, RA Franco ( Non- executive)
*Independent non-executive
Registered Office: Block D, Vunani Office Park, 151 Katherine, Sandton 2031
Postal address: PO Box 653129, Benmore 2010
Auditors: BDO South Africa Inc
Company secretary: Corpstat Governance Services Proprietary Limited
JSE Equity Sponsor: Investec Bank Limited
Transfer secretaries: Computershare Investor Services Proprietary Limited
Date: 22-09-2023 11:03:00
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