DELTA PROPERTY FUND LIMITED - Update to publication of results, lifting of suspension, further cautionary announcement and trading statement

Update to publication of results, lifting of suspension, further cautionary announcement and trading statement

DELTA PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2002/005129/06)
JSE share code: DLT
ISIN: ZAE000194049
(Approved as a REIT by the JSE)
("Delta" or the “Company”)

UPDATE TO PUBLICATION OF RESULTS, LIFTING OF SUSPENSION, FURTHER CAUTIONARY ANNOUNCEMENT AND
TRADING STATEMENT

    1. Update to publication of results and lifting of suspension and further cautionary announcement
       Delta shareholders are referred to the announcement dated 20 April 2021 (“Previous Announcement”),
       wherein shareholders were notified, inter alia, that the Company’s interim results for the six months ended
       31 August 2020 ("Interim Results") would be published simultaneously with the Company’s audited financial
       statements for the year ended 28 February 2021 (“2021 Financial Statements”), on 31 May 2021.

       Whilst the Interim Results will be published on 31 May 2021, the Company will not be able to do so in respect
       of the 2021 Financial Statements, which are expected to be published by 30 June 2021. The publication of the
       2021 Financial Statements has been delayed due to the significant time and resources expended by Delta and
       its external auditor BDO on (i) the re-issue of the Company’s audited financial statements for the year ended
       28 February 2020, which were published on 22 April 2021, and (ii) the preparation of the Interim Results.

       Once the Interim Results have been published, the Delta board of directors (“Board”) will submit the application
       to the JSE for the JSE to lift their initiated suspension of the Company.

       Based on the above, shareholders are advised to continue exercising caution in relation to Delta securities until
       a further announcement is made and the Suspension is lifted.
 
    2. Trading statement
       In terms of the JSE Limited Listings Requirements, property entities are required to publish a trading statement
       as soon as they are satisfied that a reasonable degree of certainty exists that the financial results for the period
       to be reported on next will differ by at least 15% from the financial results for the previous corresponding period.

       Shareholders are referred to the release of Delta’s reissued annual financial statements for the year ended
       29 February 2020 on 22 April 2021, which contained various restatements for the year ended 28 February 2019
       due to irregularities and concomitant misstatements. As a result of the aforementioned restatements, the
       interim results for the six months ended 31 August 2019 (“Comparative Period”) were also required to be
       restated.

       Delta is currently finalising its Interim Results and shareholders are advised that the Company has reasonable
       certainty that:
       •  distributable income per share for the six months ended 31 August 2020 (“Interim Period”) will be between
          14.82 cents and 17.78 cents, representing a decrease of 42% to 51% to the Comparative Period of 30.48
          cents; and
       •  no interim dividend will be declared for the Interim Period (2019 : 12.19 cents per share), representing a
          decrease of 100% to the Comparative Period, following consideration of the solvency and liquidity
          requirements of Delta .

      The information contained in this trading statement has not been reviewed or reported on by Delta’s auditors.

Johannesburg
28 May 2021

Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited

Date: 28-05-2021 05:10:00
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