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Release Date: 17/05/2019 11:00
Code(s): GAI     PDF:  
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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”)


Shareholders are referred to the announcement released on the Stock Exchange News Service (“SENS”) on
26 October 2018, regarding the restructuring of the Company’s asset portfolio to include indirect minority
interests in three solar PV renewable energy projects in return for a lower exposure to the Dorper wind project
(“Asset Diversification”). The Company now has a diversified investment portfolio of five renewable energy
assets with exposure to wind and solar energy resources. Due to the delay in implementation of the Asset
Diversification transaction and changes in the timing of dividends received from current assets under
management, GAIA’s revenue is expected to reduce for the financial year ended 28 February 2019.

Consequently, 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 period ended 28
February 2019:
    •   the tangible net asset value (“TNAV”) per share of the Company is expected to be between R10.30
        and R10.50, representing a decrease of between 2.2% and 0.3% compared to the TNAV per share of
        R10.53 reported for the period ended 28 February 2018. The expected reduction in the TNAV over
        the reporting year is as a result of the interim dividend payment of 24.84 cents per share that was
        declared as at 31 August 2018; and
    •   earnings and headline earnings per share for the period ended 28 February 2019 are expected to be
        between 48 and 60 cents per share, being a decrease of between 38.7% and 23.4%, compared to
        earnings and headline earnings per share of 78.36 cents per share reported for the period ended 28
        February 2018. The decrease in earnings is primarily as a result of a change in some of the discount
        rates applied in determining the fair value of the financial assets and the effect of the delayed Asset
        Diversification strategy, as explained previously.

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

17 May 2019

Sasfin Capital (a member of the Sasfin Group)

Date: 17/05/2019 11:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

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