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Trading Statement
ORION REAL ESTATE LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1997/021085/06)
Share Code: ORE ISIN: ZAE000075651
("Orion Real Estate" or “the Company”)
INITIAL TRADING STATEMENT AND EXPECTED DELAY IN RELEASE OF FINANCIAL RESULTS
In terms of paragraph 3.4(b)(i) of the Listings Requirements of the Johannesburg Stock Exchange
(“JSE”), listed companies are required to publish a trading statement as soon as they become
reasonably certain that the financial results for the next period to be reported on will be more than
20% different from those of the previous corresponding period or from a profit forecast previously
provided to the market in relation to such period.
Following a protracted and acrimonious levy dispute between the Elma Park trustees and Orion Real
Estate Ltd, the High Court placed Erf 195 Elma Park Ltd in provisional liquidation. The impact of this
will be to reduce the net asset value of the Orion Group by approximately 9 cents per share. However,
it is expected to improve the future earnings and cash flow of the group as Orion was previously
incurring a net loss in relation to this property. Other than the impact described above, Orion and its
subsidiaries will not be adversely affected by the above event going forward. The Company is, inter
alia, busy assessing the impact of this post balance sheet event on its results for the year ended 30
June 2016 in terms of IFRS.
Due to the above, and also due to difficult trading conditions over the past year, the board would like
to inform shareholders that the Company’s overall financial results for the year ended 30 June 2016
are expected to decrease by more than 20% from the financial results published for the year ended
30 June 2015, being 17.52 cents earnings per share and (0.57) cents headline loss per share. An
updated Trading Statement will be released once a range is finalised.
Shareholders are accordingly advised that Orion’s annual financial statements will be released later
than the deadline of 30 September 2016. Orion has communicated this fact with the JSE and will
endeavour to release its results as soon as practicable.
Johannesburg
29 September 2016
Sponsor
Arbor Capital Sponsors Proprietary Limited
Date: 29/09/2016 02:15:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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