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OAS
OAS
OAS - Oasis Crescent Property Fund - Trading Update
OASIS CRESCENT PROPERTY FUND
A property fund created under the Oasis Crescent Property Trust Scheme
registered in terms of the Collective Schemes Control Act (Act 45 of 2002)
JSE code: OAS
ISIN: ZAE000074332
("OCPF" or "the fund")
TRADING STATEMENT
Shareholders are advised that the investment manager of the fund, Oasis Crescent
Property Fund Managers Limited, expects the distribution per unit for the six
months period ended 30 September 2008 to be between 12% and 14% higher than the
corresponding distribution for the period ended 30 September 2007.
The increase in the expected distribution per unit is due to the fact that the
earnings per unit (and headline earnings per unit) for the 6 months period ended
30 September 2008 are expected to increase between 9% and 11% compared to the
corresponding figure for the period ended 30 September 2007. The net asset value
per unit (and net tangible asset value per unit) as at 30 September 2008 is
expected to increase by between 9% and 11% compared to the value as at 30
September 2007.
The distribution per unit comprises only permissible income in terms of the
Shari`ah compliant mandate of the fund. The expected increase in distribution
per unit is mainly attributable to better control over cost, offshore
diversification and decrease in non-permissible investment income during the
period.
During the current reporting period the fund issued 5.78 million units (5
million for cash and 0.78 million units in lieu of distribution) at an issue
price of 1200 cents per unit, raising R69.3 million. The funds raised are being
invested in suitable investments and for ongoing capital expenditure.
The Industrial portfolio is fully let. The Moorsom and Sacks Circle properties
were successfully let at rentals that are higher than current by 60% and 51%
respectively.
The Ridge footfall is up by 4.5% and 4 % for the year to and 6 months to
September 2008 respectively. Year to date turnover number is up 20.4% with the
Nationals growing strongly.
The fund is in a strong position, with 16% of the capital invested offshore. It
is in a net cash position of R45 million, ideally positioned to take advantage
of any opportunities.
The financial information contained in this trading update has not been reviewed
and/or reported on by the fund`s auditors. It is expected that the results for
the six months ended 30 September 2008 will be released on or about 28 October
2008.
Cape Town
15 October 2008
Designated Advisor
PSG Capital (Pty) Ltd
Date: 15/10/2008 10:30:01 Produced by the JSE SENS Department.
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