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OASIS CRESCENT PROPERTY FUND - Short-Form Announcement: Reviewed Condensed Consolidated Interim Results For The Six Months Ended 30 September 2019

Release Date: 22/10/2019 17:30
Code(s): OAS     PDF:  
 
Wrap Text
Short-Form Announcement: Reviewed Condensed Consolidated Interim Results For The Six Months Ended 30 September 2019

OASIS CRESCENT PROPERTY FUND
A property fund created under the Oasis Crescent Property
Trust Scheme registered in terms of the Collective
Investment Schemes Control Act (Act 45 of 2002) having
REIT status with the JSE
Share code: OAS
ISIN: ZAE000074332
(“OCPF” or “the Fund”)

SHORT-FORM ANNOUNCEMENT: REVIEWED CONDENSED CONSOLIDATED INTERIM
RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2019 AND DIVIDEND
DECLARATION

OASIS CRESCENT PROPERTY FUND PHILOSOPHY AND STRATEGY

The Oasis Crescent Property Fund is a well-diversified REIT invested in South African direct
property investments and high quality global listed REITS. The Fund invests in the best global
cities and the highest quality properties without the use of leverage. The Fund is focused on
meeting all tenant needs and maintaining world-class facilities.

This low-risk philosophy has kicked in despite the weak economic environment, weak property
fundamentals and high interest rates, with the Fund having delivered a total return to
unitholders of 6.6% over the past year relative to -2.7% for the SAPY Index and 8.1% per
annum over the past three years relative to -3.5% per annum for the SAPY Index.

1.   THE PERIOD IN BRIEF

The Fund enjoyed positive momentum with recycling into higher growth opportunities within
the South African direct property portfolio.

Upside resulted from additional offshore investment which will contribute to distributable
income going forward.

Distribution per unit is 52.2 cents per unit compared to 54.5 cent per unit in the prior period to
30 September 2018, a 4.2% decrease.

Net asset value per unit increased by 3.6% to 2 245 cents per unit, from 2 168 cents per unit
at 30 September 2018.

2.   KEY FINANCIAL HIGHLIGHTS

Revenue increased by 2.8% to R58.6 million, from R57.0 million in the prior corresponding
period.

Distributable income decreased by 0.3% to R33.0 million, from R33.1 million in the prior
corresponding period.

Distribution per share (“DPS”) decreased by 4.2% to 52.2 cents per unit, from 54.5 cents per
unit in the prior corresponding period.

Net asset value per unit (“NAVPU”) increased by 3.6% to 2 245 cents per unit, from 2 168
cents per unit in the prior corresponding period.

Headline earnings per share (“HEPS”) decreased by 40.2% to 100.3 cents per unit, from 167.8
cents per unit in the prior corresponding period.

Earnings per share (“EPS”) decreased by 39.7% to 99.7 cents per unit, from 165.2 cents per
unit in the prior corresponding period.

3.   DIVIDEND DECLARATION

Notice is hereby given that a distribution of 5,221.32081 cents (in aggregate), after non-
permissible income, for every 100 (one hundred) units so held, has been approved and
declared for the six-month period ended 30 September 2019, from income, to unitholders
recorded in the register of OCPF at close of business on Friday, 29 November 2019.
Unitholders may elect to receive the distribution in cash or to reinvest the distribution by the
purchase of new units at a rate of 2.32576 units at 2,245 cents per unit (in aggregate), for
every 100 (one hundred) units so held.

OCPF is a REIT, as defined in the Income Tax Act, as from 1 April 2013 and, accordingly, the
tax implications of the distribution have changed as from that date. The distribution will not be
exempt from income tax in terms of section 10(1)(k) of the Income Tax Act.

For South African tax residents, the distribution will be exempt from dividends tax in terms of
section 64F(1) of the Income Tax Act, provided that you, as unitholder, provide the transfer
secretary or your nominee, custodian or CSDP with confirmation of your tax residence status
in the prescribed form. If you do not provide the required residence status, they will have no
choice but to withhold dividends tax at a rate of 20%.

For non-resident unitholders, for South African tax purposes, the distribution received by a
non-resident unitholder from a REIT will be subject to dividend withholding tax at 20%, unless
the rate is reduced in terms of any applicable agreement, for the avoidance of double taxation
(“DTA”) between South Africa and the country of tax residence of the unitholder. Non-resident
unitholders that believe that a reduced rate of tax applies in respect of their applicable DTA
should contact the transfer secretaries or their nominee, custodian or CSDP for the prescribed
form to record the reduced rate of tax.

Where dividends tax is withheld at 20%:
•     the reinvestment ratio for non-resident unitholders will be 1.86061 units at 2,245 cents
      per unit, for every 100 (one hundred) units held on the record date; and
•     should such unitholders elect to receive the distribution in cash, they will receive
      4,117.05665 cents per 100 units held on the record date.

Kindly contact the transfer secretaries, or your nominee, custodian or CSDP for a copy of the
prescribed declaration form.

The Income Tax Act sections applicable to the distributions made are as follows:

•      Property income distribution from a REIT – section 10(1)(k) and section 64F(1)

Both resident and non-resident unitholders are encouraged to consult their professional tax
advisors with regard to their individual tax liability in this regard.

Units in issue at the date of declaration of the distribution: 63 650 278

Income tax reference number: 3354212148
The salient dates of the dividend declaration are:

                                                                               2019
Release of results and declaration announcement on SENS of                  Tuesday, 22 October
distribution and right of election to purchase new units or receive a
cash payment

Circular and form of election posted to unitholders                          Friday, 8 November

Finalisation announcement on SENS in respect of distribution and             Friday, 8 November
right of election to purchase new units or receive a cash payment

Last day to trade in order to be eligible for the distribution            Tuesday, 26 November

Trading commences ex-entitlement to the distribution                    Wednesday, 27 November

Listing of maximum possible number of units that may be                     Friday, 29 November
purchased at commencement of trade

Closing date for the election of cash distribution or to reinvest at        Friday, 29 November
12:00 pm on

Record date for the distribution                                            Friday, 29 November

Cash distribution cheques posted and CSDP/broker accounts                   Monday, 2 December
updated with cash

Announcement of the results of the distribution on SENS                     Monday, 2 December

Unit certificates posted and CSDP/broker accounts updated with           Wednesday, 4 December
units

Adjustment of number of new units listed on or about                         Friday, 6 December


Notes:

1.   Unitholders reinvesting their distribution in new units are alerted to the fact that the new
     units will be listed 3 business days after the last day to trade and that these new units can
     only be traded 3 business days after the last day to trade, due to the fact that settlement
     of the units will be 3 business days after the record date, which differs from the
     conventional one business day after the record date settlement process.

2.   Units may not be dematerialised or rematerialised between Wednesday, 27 November
     2019 and Friday, 29 November 2019, both days inclusive.

3.   The above dates and times are subject to change. Any changes will be announced on
     SENS.

4.   All times quoted above are South African times.

5.   Dematerialised unitholders should provide their CSDP or broker with their election
     instructions by the cut-off time stipulated in terms of their custody agreement with such
     CSDP or broker.

6.   If no election is made, the distribution accrued to the unitholder will be used to purchase
     additional units.

4. SHORT-FORM ANNOUNCEMENT

This short-form announcement is the responsibility of the directors of the Company. It contains
only a summary of the information in the full announcement (“Full Announcement”) and does
not contain full or complete details. The Full Announcement can be found at:
 https://senspdf.jse.co.za/documents/2019/JSE/ISSE/OAS/1H20INT.pdf

Copies of the Full Announcement are also available for viewing on the Company’s website at
www.oasiscrescent.co.za or may be requested in person, at the Company’s registered office
or the office of the designated advisor, at no charge, during office hours.

Any investment decisions by investors and/or shareholders should be based on consideration
of the Full Announcement, as a whole.

Cape Town
22 October 2019

Designated Advisor
PSG Capital

Date: 22/10/2019 05:30:00
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