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TRANSCEND RESIDENTIAL PROPERTY FUND LIMITED - Trading Statement

Release Date: 11/08/2020 17:03
Code(s): TPF     PDF:  
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Trading Statement

TRANSCEND RESIDENTIAL PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
Registration number 2016/277183/06
JSE Code: TPF ISIN: ZAE000227765
(Approved as a REIT by the JSE)
(“Transcend” or “the Company”)


TRADING STATEMENT

Shareholders are referred to the announcement released by Transcend on SENS on 6 April 2020, in
which the Company advised that as a result of the uncertainty surrounding the financial impact of the
COVID-19 pandemic (the “Pandemic”) on Transcend, it had withdrawn its previous dividend guidance.

Transcend uses distribution per share (“DPS”) as its relevant measurement of financial performance
and, accordingly, in terms of the JSE Listings Requirements, it is required to publish a trading statement
as soon as it becomes reasonably certain that the DPS for the next period to be reported on will differ
by at least 15% from that of the prior corresponding period.

Transcend anticipates distributable income for the six months ended 30 June 2020 to be R36.50 million
(30 June 2019: R40.11 million), with distributable earnings per share (“DEPS”) expected to be
27.89 cents (30 June 2019: 30.64 cents), representing a marginal decrease of 8.99% when compared
to the prior corresponding period DEPS. Given the ongoing uncertainty regarding the future effects of
the Pandemic on the South African economy and economic well-being of its citizens, as well as the
impact thereof on the Company’s financial performance and position, the board of directors of
Transcend (“the Board”) remains cautious and has decided to conserve its current cash position in
declaring its interim dividend. Shareholders are, therefore, advised that Transcend expects its DPS for
the six-month period ending 30 June 2020 to be 12.10 cents, as compared to the DPS reported for the
previous corresponding period of 30.25 cents. This represents a decrease in DPS of 60% compared to
the prior corresponding period.

The Board will formally revisit Transcend’s distribution policy later in 2020 and will provide further
guidance once there is greater certainty on the impact of COVID-19 on the business and financial
performance of Transcend.

The information contained in this trading statement and the financial information on which it has been
based have not been reviewed or reported on by the Company’s auditors.


Bryanston
11 August 2020

Sponsor
Questco Corporate Advisory Proprietary Limited

Date: 11-08-2020 05:03:00
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