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Impact of COVID-19 Virus and Cancellation of Interim Dividend
TEXTON PROPERTY FUND LIMITED
Granted REIT status by the JSE
Incorporated in the Republic of South Africa
(Registration number 2005/019302/06)
Share code: TEX ISIN: ZAE000190542
(“Texton” or “the Company”)
IMPACT OF COVID-19 VIRUS AND CANCELLATION OF INTERIM DIVIDEND
Shareholders are referred to Texton’s Unaudited Condensed Consolidated Financial Results for the Six
Months Ended 31 December 2019 as well as the Tax Treatment and Salient Dates announcement dated
10 March 2020, wherein shareholders were advised that Texton’s Board of Directors (“Board”) has approved
and declared an interim dividend of 16.09 cents per share for the six month period ended 31 December 2019
(“Interim Dividend”) to be paid to shareholders on 30 March 2020.
As the world currently finds itself in extremely troubling and uncertain times, Texton continually monitors the
impact that Covid-19 will have on our business. The last few weeks has seen the global spread of the virus
with financial markets collapsing and businesses struggling to survive.
Texton’s current LTV is 44.9% and our portfolio is split between the United Kingdom and South Africa, with
sector exposures to Commercial (50.6%), Industrial (33.3%) and Retail (16.1%). We are already seeing the
impact on our business with our UK retail operations under pressure and the 21-day lockdown announced by
President Cyril Ramaphosa will no doubt exacerbate the difficulty our tenants face in South Africa.
The duration and extent of Covid-19 is unknown and casts significant uncertainty when trying to quantify the
financial impact. The Board considers it prudent and in the best interest of all stakeholders to exercise caution
in these unprecedented times. Accordingly, the Board, following consultation with the JSE, has resolved to
cancel the payment of the Interim Dividend. Cancellation of the dividend will strengthen our liquidity position
and will help ensure that the business can see through the uncertainty.
The Board remains committed to retaining the Company’s REIT status and the dividend declaration will be
reassessed at financial year-end, in compliance with the Companies Act and other regulations.
In this difficult time, the Company is engaging with all stakeholders to manage the business through the
coming months. The Board will continue to assess the impact of the Covid-19 virus on Texton and its business
operations and will provide shareholders with updates thereto in due course.
Johannesburg
24 March 2020
Sponsor
Merchantec Capital
Date: 24-03-2020 11:28:00
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