GAIA INFRASTRUCTURE CAPITAL LIMITED - Interim trading statement

Interim trading statement

Gaia Infrastructure Capital Limited
(Incorporated in the Republic of South Africa)
(Registration number 2015/115237/06)
ISIN: ZAE000210555
JSE code: GAI
(“GAIA” or “the Company”)

TRADING STATEMENT


In terms of paragraph 3.4(b)(i) of the JSE Limited Listings Requirements, GAIA’s shareholders are hereby
advised that the Company and its directors have reasonable certainty that for the six months period ended 31
August 2019:
    •   the tangible net asset value (“TNAV”) per share of the Company is expected to be between R10.35
        and R10.50, representing an increase of between 1.3% and 3.2% compared to the TNAV per share
        of R10.17 reported for the six months period ended 31 August 2018. The Company remains in a sound
        financial position; and
    •   earnings and headline earnings per share for the interim period ended 31 August 2019 are expected
        to be between 17.25 and 18.15 cents per share, being an increase of between 156.3% and 169.7%,
        compared to earnings and headline earnings per share of 6.73 cents per share reported for the six
        months period ended 31 August 2018. The increase in earnings is primarily as a result of an increase
        in dividend income earned from the Company’s diversified asset portfolio.


The financial information on which this trading statement is based has not been reviewed or reported on by
GAIA’s external auditors. The financial results for the six months ended 31 August 2019 are expected to be
published on SENS on or about 28 November 2019.


Change of measurement criteria for trading statement purposes


As an investment holding company, the assessment of net asset value is a more appropriate measurement of
financial performance for GAIA, in comparison to headline earnings per share and earnings per share. In
accordance with paragraph 3.4(b)(vi) of the Listings Requirements of the JSE Limited, shareholders are
advised that the board of directors of the company has resolved to adopt NAV per share for trading statement
purposes for the forthcoming year ending 28 February 2020 and going forward. The company undertakes to
confirm this measurement criterion annually in the annual financial statements.



Johannesburg
20 November 2019

Sponsor
Sasfin Capital (a member of the Sasfin Group)

Date: 20/11/2019 08:24:00
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