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VUNANI PROPERTY INVESTMENT FUND LTD - TRADING STATEMENT AND ADOPTION OF NEW PERFORMANCE MEASURES FOR FUTURE TRADING STATEMENTS

Release Date: 04/09/2012 09:14
Code(s): VPF     PDF:  
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TRADING STATEMENT AND ADOPTION OF NEW PERFORMANCE MEASURES FOR FUTURE TRADING STATEMENTS

VUNANI PROPERTY INVESTMENT FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2005/019302/06)
JSE code: VPF
ISIN: ZAE000157459
(“the company” or “VPIF”)

TRADING STATEMENT AND ADOPTION   OF   NEW   PERFORMANCE   MEASURES   FOR
FUTURE TRADING STATEMENTS

In terms of paragraph 3.4(b) of the JSE Limited Listings
Requirements (“Listings Requirements”), companies are required to
publish a trading statement as soon as they are reasonably certain
that the financial results for the current reporting period will
differ by at least 20% when compared to a profit forecast provided
by the company.

VPIF is currently finalising its results for the year ended 30 June
2012. The results for this period are not directly comparable to
the forecast for the same period as set out in the company’s Pre-
Listing Statement dated 5 July 2011 (“the forecast”). The factors
that impacted on the actual earnings and distribution being
different from the forecasted earnings and distribution for the
year are as follows:
•   the listing of the company occurred on 11 August 2011 and not 1
    July 2011 as assumed in the forecast;
•   the three acquisitions (being Athol Ridge (“AR”), Cedar Park
    Properties 31 Proprietary Limited (“Cedar Park”) and Pacific
    Eagle Properties 204 Proprietary Limited (“Pacific Eagle”) were
    assumed to take place 1 July 2011 for forecast purposes,
    whereas the actual acquisition date was the date of listing;
    and
•   the linked units were listed at a price of R7,05 and not R7,50
    resulting in more units being issued than envisaged in the
    forecast and the company not achieving a zero debt position.

Accordingly, the directors anticipate that the company will report
headline earnings per linked unit of between 2.0 cents and 3.6
cents (forecast between 40.51 cents and 40.85 cents). Earnings per
linked unit for the year ended 30 June 2012 are not expected to
differ by 20% or more from those set out in the forecast. The
directors expect that the total distribution per linked unit for
the year ended 30 June 2012 will be between 60.00 cents and 68.00
cents (forecast between 70.55 cents and 70.84 cents).

The financial information on which this trading statement is based
has not been reviewed or reported on by the company’s auditors.

The company’s results for the year ended 30 June 2012 will be
released on 17 September 2012.

In compliance with section 3.4(b)(vi) and 3.4(b)(vii) of the
Listings, linked unitholders are advised that owing to the nature
of the business conducted by VPIF, being that of a property loan
stock investment company, the board of VPIF has decided to adopt
the “distribution per linked unit" and "net asset value per linked
unit" measures for future trading statement purposes, as it is
considered to be a more appropriate yardstick to measure the
performance of VPIF than "headline earnings per linked unit" and
"earnings per linked unit".

Sandton
3 September 2012

Sponsor
Grindrod Bank Limited

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