OAS - Oasis Crescent Property Fund - Voluntary trading update
OAS
OAS
OAS - Oasis Crescent Property Fund - Voluntary 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")
VOLUNTARY TRADING UPDATE
SUPERIOR RETURNS FROM DEBT FREE FUND
Shareholders are advised that the investment manager of the fund, Oasis Crescent
Property Fund Managers Limited, expects the distribution per unit for the twelve
month period ended 31 March 2009 to be between 8% and 12% higher than the
corresponding distribution for the period ended 31 March 2008.
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 12 month period ended
31 March 2009 are expected to increase between 4% and 7% compared to the
corresponding figure for the period ended 31 March 2008.
The distribution per unit comprises of permissible income in terms of the
mandate of the fund. The expected increase in distribution per unit is mainly
attributable to better control over costs, offshore diversification and a
decrease in the non-permissible investment income during the period.
During the current reporting period the fund issued 6.93 million units (5
million for cash and 1.93 million units in lieu of distribution). The units were
issued at an average price of 1,187 cent per unit. The funds raised will be
invested in accordance with the mandate of the fund.
The industrial portfolio is fully let. The fund is in a strong financial
position, with 13% of its capital invested offshore. It is in a net cash
position of R22 million, and thus ideally positioned to take advantage of long
term investments at attractive valuations.
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 12 months ended 31 March 2009 will be released on or about 12 May 2009.
Cape Town
5 May 2009
Designated Advisor
PSG Capital (Pty) Ltd
Date: 05/05/2009 17:16:04 Produced by the JSE SENS Department.
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