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GEMGROW PROPERTIES LIMITED - Trading statement

Release Date: 16/05/2017 14:47
Code(s): GPA GPB     PDF:  
Wrap Text
Trading statement

GEMGROW PROPERTIES LIMITED
(previously Synergy Income Fund Limited)
(Incorporated in the Republic of South Africa)
(Registration number 2007/032604/06)
JSE share code: GPA   ISIN: ZAE0000223269
JSE share code: GPB   ISIN: ZAE0000223277
(Granted REIT status with the JSE)
(“Gemgrow” or “the company”)


TRADING STATEMENT

Pursuant to the implementation of the transaction which saw Gemgrow exchange a portfolio of assets with Vukile
Property Fund Limited and acquire the issued share capital of Cumulative Properties Limited from Arrowhead
Properties Limited, the property portfolio of the company was significantly enlarged with a focus on high yielding,
high growth income producing assets.

In addition, Gemgrow changed its year end from 31 March to 30 September. As a result, the dividend for the previous
corresponding period was for a twelve-month period ending 31 March 2016 (“previous reported period”), whereas
the dividend for the current period is in respect of a six-month period ended 31 March 2017 (“current period”).

Accordingly, the dividend for the current period is not comparable to the previous reported period.

Although the dividend is not comparable the board of directors believes it to be appropriate to provide shareholders
with guidance on the expected dividend for the six months ended 31 March 2017, as required by the JSE, of:

     -    for the A-shares, between 47 cents per share and 52 cents per share (for the six months), being 50.34% and
          45.06% lower than the 94.65 cents per A-share for the previous reported period (being a twelve-month
          period); and

     -    for the B-shares, being between 34 and 38 cents per share (for the six months), being 47.38% and 41.19%
          lower than the 64.52 cents per B-share for the previous reported period (being a twelve-month period).

Shareholders are further advised that the dividend per A-share and B-share for the year ended 30 September 2017 is
expected to be in line with the forecast of 101.87 cents per A-share and 73.36 cents per B-share contained in the
circular issued to shareholders on 26 September 2016.

The forecast financial information on which this trading statement is based has not been reviewed or reported on by
the company’s auditors. The financial results for the six months ended 31 March 2017 will be published on or about
17 May 2017.


16 May 2017


Sponsor
Java Capital

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