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ABT
ABT
ABT - Ambit Properties - Financial Effects and Withdrawal of Cautionary
AMBIT PROPERTIES LIMITED
(Registration number: 2001/007003/06)
Share code: ABT
ISIN code: ZAE000051645
("Ambit" or "the Company")
FINANCIAL EFFECTS ANNOUNCEMENT
* FINANCIAL EFFECTS ON THE ACQUISITION OF FIVE COMMERCIAL PROPERTIES;
AND THEIR RELATED RENTAL ENTERPRISES; AND
* WITHDRAWAL OF CAUTIONARY
Introduction
Ambit linked unitholders are referred to the detailed cautionary
announcement dated 11 June 2007 in which unitholders were notified that
Ambit had entered into acquisition agreements with certain parties to
acquire five office buildings and their related rental enterprises for a
total purchase consideration of R690 million plus acquisition costs of
R8.4 million ("the acquisitions").
Financial information
The financial effects of the acquisitions on Ambit`s net asset value per
linked unit and the forecast information in respect of Ambit`s for the 3
months from 1 July 2007 to 30 September 2007 as well as for the 12 months
from 1 October 2007 to 30 September 2008, are set out below. This
information has been prepared for illustrative purposes only and because
of its nature, may not fairly present the Company`s financial position, or
give a fair reflection of the effect of the acquisitions on an Ambit
linked unitholder. The financial information has not been reviewed or
reported on by the reporting accountants and is the responsibility of the
directors of the company. The financial information will be included in
the circular to be distributed to all unitholders and will be reported on
by the reporting accountants.
Before the Adjustments After the
acquisitions acquisitions
Net asset value (cents 350 9 359
per linked unit)
Linked units in issue 218 228 868 186 486 487 404 715 355
Assumptions:
1 The net asset value per Ambit linked unit and linked units in issue,
as set out in the "Before the acquisitions" column of the table above,
are based on the published unaudited interim results of Ambit as at 31
March 2007.
2 The net asset value per Ambit linked unit, as set out in the "After
the acquisitions" column of the table above, is based on the assumption
that the acquisitions were implemented on 31 March 2007.
Forecasts
3 months 12 months
ending 30 ending 30
September September
2007 2008
R`000 R`000
Revenue 19 673 82 377
Municipal expenses (2 198) (8 807)
Operating expenses (1 931) (7 851)
Property management fees (424) (1 775)
Operating income 15 120 63 944
Portfolio expenses (863) (3 450)
Net operating profit before 14 257 60 494
interest and taxation
Interest on loans (221) (882)
Attributable earnings 14 036 59 612
available for distribution to
unitholders
Weighted average number of new 186 484 186 484
linked units to be issued
(`000)
Attributable earnings per new 7.5 32.0
linked unit (cents)
Headline earnings per new 7.5 32.0
linked unit (cents)
Notional distribution per new 7.5 32.0
linked unit (cents)
Annualised yield based on 370 8.1 8.6
cents issue price (%)
Assumptions:
1. The forecast has been prepared in accordance with the accounting
policies of Ambit for the properties on an aggregated basis.
2. Contracted revenue is based on existing lease agreements and there
is no uncontracted revenue.
3. No unforeseen economic factors that will affect the lessees` ability
to meet their commitments in terms of the existing lease agreements have
been included.
4. Operating costs have been determined based on discussions with the
property managers, historical costs and the forecast costs per the
independent valuers` reports.
5. The properties will be transferred in the third quarter of 2007.
6. No further properties will be acquired and no properties will be
sold.
7. Net profit after interest paid (excluding any capital profits) will
be distributed to unitholders in full.
8. Interest on loans is in respect of the funding of acquisition costs
of R8.4 million. Acquisition costs of R8.4 million have been capitalised
to investment properties in the pro-forma balance sheet.
Withdrawal of cautionary
Further to the above, Ambit unitholders need no longer exercise caution
when dealing in Ambit units.
Johannesburg
15 June 2007
Corporate advisor:
ABSA CAPITAL
Sponsor:EXCHANGE SPONSORS (PTY) LIMITED
Attorneys:
CLIFFE DEKKER INC
Auditors and Reporting Accountants:
DELOITTE
Date: 15/06/2007 17:00:01 Produced by the JSE SENS Department.
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