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Trading Statement
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”)
TRADING STATEMENT
On 15 April 2020 Texton released a SENS announcement wherein it withdrew its FY2020 dividend
guidance. Further business updates and the Impact of COVID-19 were provided via SENS on 19 May
2020 and 26 June 2020.
Texton uses Distribution Per Share (DPS) as its relevant measure for financial performance and
reporting purposes. Historically Texton’s policy has been to declare and pay out 100% of Distributable
Income Per Share (DIPS) as DPS.
In terms of paragraph 3.4(b)(vii) of the JSE Listings Requirements, property entities which have adopted
distribution per share as their financial results measurement for trading statement purposes, are
required to publish a trading statement as soon as they are satisfied that a reasonable degree of
certainty exists that the financial results to be reported upon next will differ by at least 15% from the
financial results of the previous corresponding period.
Texton is in the process of finalising its annual results. Texton anticipates Distributable Income for the
year ended 30 June 2020 to decrease by 54.0% to 60.0% compared to that of the year ended 30 June
2019.
The Board remains focussed on liquidity and balance sheet management at this time as it deliberates
all options available to preserve the Company’s financial strength, to enable it to deal with the
challenges presented by the COVID-19 global pandemic. As part of these deliberations, the Board is
reconsidering the Company’s historic policy of paying out 100% of DIPS. Any change to the pay-out
ratio policy could further impact DPS for FY2020.
The dividend pay-out ratio and deliberations relating to the payment of a dividend will be made at the
Board meeting on 16 September 2020.
Texton is awaiting feedback from the JSE and National Treasury on any potential amendments or
temporary rulings applicable to the REIT sector, following the broad industry consultation process
currently underway.
Texton will release the year end results to the market on 23 September 2020 via SENS.
The contents of this announcement and the financial information on which it has been based have not
been reviewed, audited or reported on by the Company’s auditors.
Johannesburg
10 September 2020
Sponsor
Investec Bank Limited
Date: 10-09-2020 03:21:00
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