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Audited Annual Financial Results for Year Ended 30 June 2023, Dividend Declaration, Annual Report & Notice of AGM
Putprop Limited
Incorporated in the Republic of South Africa
(Registration number 1988/001085/06)
Share code: PPR | ISIN: ZAE000072310
(“Putprop” or “the Company” or “the Group”)
AUDITED CONSOLIDATED ANNUAL FINANCIAL RESULTS FOR THE YEAR ENDED 30 JUNE 2023,
CASH DIVIDEND DECLARATION, DISTRIBUTION OF ANNUAL REPORT AND NOTICE OF ANNUAL
GENERAL MEETING
Introduction
Putprop is a property investment company, listed on the Main Board of the JSE
Limited (“JSE”) under the real estate sector. The Company offers investors an
opportunity to participate in a JSE listed property company active in all
property segments.
The portfolio currently comprises of 13 (2022: 15) strategically located
properties, located primarily in Gauteng geographic area. The total Gross
Lettable Area (“GLA”) of the invested properties is 97 601m² with a value of R1
095 585 million.
The board of directors (“Board”) is pleased to announce the audited consolidated
annual financial results for the year ended 30 June 2023.
Financial and Key Metrics
Financial
Rentals and recoveries R128 439 (2022: R111 325)
Operating Profit R77 468 (2022: R67 283)
HEPS 93.98 cents (2022: 87.96 cents)
Operating profit margin 60.3% (2022: 60.4%)
Cost-to-income ratio 36.9% (2022: 34.2%)
Net asset value of 1 612 cents per share (2022: 1 601 cents)
Total Debt R 504 942 million (2022: R 448 556 million)
EPS 26.20 (2022: 150.97)
Key Metrics
Total GLA 97 601m2 (2022: 84 112 m2)
Leverage Ratio 0.46 times (2022: 0.79 times)
DPS 11.25 cents (2022: 10.25 cents)
52% A Grade Tenants (2022: 37.0%)
Retention of 47.3% of tenants whose lease expired during the review period.
(2022: 100%)
Cash Dividend Declaration 68
The Board is pleased to announce the declaration of a dividend of 7.00 cents per
ordinary share in respect of year ended 30 June 2023 (2022: 6.00 cents), thus
bringing the total dividend payable for the year to 11.25 cents (2022: 10.25
cents).
The salient dates are as follows:
Declaration date Friday, 15 September 2023
Last date to trade to participate Tuesday, 24 October 2023
Trading commences ex dividend Wednesday, 25 October 2023
Record date Friday, 27 October 2023
Date of payment Monday, 30 October 2023
Share certificates may not be dematerialised or rematerialised between Wednesday,
25 October 2023 and Friday, 27 October 2023, both days inclusive.
Additional information
This is a dividend as defined in the Income Tax Act, 1962, and is payable from
income reserves. The dividend withholding tax (“DWT”) rate is 20%. The net amount
payable to shareholders who are not exempt from DWT is 5.60 cents per share,
while the gross amount is 7.00 cents per share to those shareholders who are
exempt from DWT.
There are 42 409 181 (2022: 42 409 181) ordinary shares in issue; the total
dividend amount payable is R2 968 643 (2022: R2 544 551). Putprop’s tax reference
number is 9100097717, and its company registration number is 1998/001085/06.
Notice of Annual General Meeting
Notice is hereby given in terms of the Companies Act, 2008 (Act 71 of 2008), as
amended, that the Annual General Meeting (“AGM”) of shareholders of the Company
will be held at Boardroom 1, 22 Impala Road, Chislehurston, Sandton at 11:30 on
Wednesday, 8 November 2023. The record date on which shareholders of the Company
must be registered as such in the Company’s securities register in order to
attend and vote at the AGM is Friday, 3 November 2023. The last day to trade in
order to be eligible to vote at the AGM will accordingly be Tuesday, 31 October
2023.
Short Form Announcement
This announcement is the responsibility of the directors.
The annual financial statements have been audited by the Company’s auditors, HLB
CMA South Africa, The auditor’s unqualified audit report includes a reportable
irregularity identified within a subsidiary of Putprop, Pilot Peridot Investments
One Proprietary Limited, where a small portion of certain minority shareholders’
unsecured loans was repaid. The audited annual financial statements, including
the audit opinion incorporated in the annual report is available on the JSE
cloudlink
https://senspdf.jse.co.za/documents/2023/jse/isse/ppr/ye23.pdf and on the
Company’s website at www.putprop.co.za
Any investment decisions by investors or shareholders in relation to the
Company’s shares should be based on the consideration of the audited annual
financial statements as the information in this announcement does not provide all
of the details.
For and on behalf of the Board of Directors
Bruno Carleo (Chief Executive Officer), James Smith (Chief Financial Officer),
Daniele Torricelli*^ (Chairman), Hayden Hartley*^, Rene Styber*^, Gerrit van
Heerden*^, Anna Carleo-Novello
*Independent ^Non-executive
Registered and Postal Address:
Putprop House, 22 Impala Road, Chislehurston, Sandton, 2196
Company Secretary:
Acorim Proprietary Limited, 13th Floor, Illovo Point
68 Melville Road, Illovo, Sandton, 2196
Sponsor:
Merchantec Capital, 13th Floor, Illovo Point
68 Melville Road, Illovo, Sandton, 2196
External Auditors:
HLB CMA South Africa
No.1 2nd Road, Halfway House Estate, Midrand, 1685
Transfer Secretaries:
Computershare Investor Services Proprietary Limited,
Rosebank Towers, 15 Biermann Avenue, Rosebank, 2196
www.putprop.co.za
15 September 2023
Date: 15-09-2023 11:05:00
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