OCTODEC:  1,799   -2 (-0.11%)  18/06/2019 00:00

Octodec Investments Says Impact Of Edcon Restructure On FY Distributable Income Not Material

March 12 (Reuters) - Octodec Investments Ltd:

* UPDATE ON THE EDCON RESTRUCTURE

* OCTODEC IS A PARTICIPATING LANDLORD IN EDCON PROPRIETARY LIMITED RECAPITALISATION AND RESTRUCTURE PROGRAMME

* IMPACT OF EDCON RESTRUCTURE ON OCTODEC'S DISTRIBUTABLE INCOME FOR FINANCIAL YEAR ENDING 31 AUGUST 2019 IS NOT MATERIAL

* IN TERMS OF EDCON RESTRUCTURE, CO AGREED TO RENTAL REDUCTION FOR TWO YRS STARTING APRIL 2019 OF ABOUT R11.0 MILLION

* IN TERMS OF EDCON RESTRUCTURE, OCTODEC WILL RECEIVE EQUITY IN LIEU OF SUCH RENTAL REDUCTION OVER TWO YEAR PERIOD

* EDCON IS EXPECTED TO REDUCE TO 0.6% OF GLA FOR YEAR ENDING 31 AUGUST 2019

* VALUE OF EQUITY IS UNCERTAIN AT THIS STAGE IN TERMS OF EDCON RESTRUCTURE

* AS AT 31 AUGUST 2018, CO'S EXPOSURE TO EDCON AMOUNTED TO 0.9% OF ITS TOTAL GROSS LETTABLE AREA AND 1.2% OF RENTAL INCOME Source text for Eikon: Further company coverage:

2019-03-12 07:11:46

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