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Update on Edcon Limited Restructure
ARROWHEAD PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2011/000308/06)
JSE share code: AWA ISIN: ZAE000203105
(Approved as a REIT by the JSE)
(“Arrowhead” or the “Company”)
UPDATE ON EDCON LIMITED RESTRUCTURE
Shareholders are referred to the announcement released by Edcon Limited (“Edcon”) on 01 March 2019, setting out the
salient terms of its proposed recapitalisation and restructuring program, which remains subject to the fulfilment of certain
conditions (the “Restructure”).
Shareholders are advised that Arrowhead is a participating landlord to the Restructure. Arrowhead’s exposure to Edcon
(being 51% Edgars and 49% Jet) for the year ended 30 September 2018 represented 2.79% of its total Gross Lettable Area
and 2.18% of revenue, based on the Arrowhead physical property portfolio only. For the year ending September 2019, the
Edcon exposure is expected to be around 2.65% of its Gross Lettable Area and 1.70% of revenue. This exposure would
further reduce if listed investments are taken into account.
In terms of the Restructure, Arrowhead has agreed to a rental reduction arrangement for a period of two years commencing
on 1 April 2019 in preference to other available options which, while not resulting in reduced rentals, would have had a
balance sheet impact. Consequently, the rental reduction for the remaining 6 months of the 2019 financial year will be
R2 814 040 and for the full year ending 30 September 2020, will be R5 398 893.
In Arrowhead’s integrated annual report dispatched in December 2018, shareholders were advised that the Company’s
dividend for the financial year ending 30 September 2019 is expected to be 58.00 cents per share excluding any contribution
attributed to its holding of shares in Rebosis Income Fund Limited (“Rebosis”) which it had estimated to be approximately
7c (but suggested that investors use their own discretion given some of the associated risks and uncertainty). Arrowhead now
expects the dividend for the year ending 30 September 2019 to be 57.73 cents per share excluding any contribution from
Rebosis.
6 March 2019
Investment Bank and Sponsor
Investec Bank Limited
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