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Trading Statement
HOSPITALITY PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2005/014211/06)
JSE share code: HPB
ISIN for ordinary shares: ZAE000214656
(Approved as a REIT by the JSE)
(“Hospitality” or “the Fund”)
TRADING STATEMENT
In terms of the Listings Requirements of the JSE Limited, property entities are required to publish a trading
statement as soon as they are satisfied that a reasonable degree of certainty exists that the distribution for
the next distribution period, will differ by at least 15% from that of the previous corresponding period or
from a profit forecast previously provided to the market, in relation to such period.
The six months under review saw the completion of the Tsogo Sun Holdings Limited transaction* as well as the
restructure of the Company’s dual-class share capital structure to a single-class share capital structure, in
the ratio of one ordinary share for every A-share held and one ordinary share for every 3.5 B-shares held (“the
Restructure”).
On conclusion of the Restructure and in-line with the Fund’s then dual class distribution policy, A-shares
received a cleanout dividend of 9.29 cents per share for the period 1 July 2016 to 31 August 2016.
As a result of the factors mentioned above, as well as the effect of the disposals of certain non-core properties
during this period, the distribution for the ordinary share for the period 1 September 2016 to 31 December 2016
is not comparable to the distribution for the 6 months to 31 December 2015 of 77.00 cents per A-share and
16.87 cents per B-share.
However, in these exceptional circumstances, the Board believes it to be appropriate to provide guidance on the
expected distribution and shareholders are accordingly advised that the distribution for the 4 months from 1
September 2016 to 31 December 2016 is expected to be between 54.00 and 58.00 cents per ordinary share.
The forecast financial information on which this trading statement is based has not been reviewed and reported
on by the Company’s auditors. The financial results for the six months ended 31 December 2016 will be
published on or about 10 February 2017.
* The acquisition by Tsogo Sun Holdings Limited of a controlling stake in Hospitality by vending a
portfolio of ten hotel properties into Hospitality in exchange for the issue of 145 000 000 ordinary
shares on 11 October 2016.
3 February 2017
Sponsor
Java Capital
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