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OAS
OAS
OAS - Oasis Crescent Property Fund - Trading Statement
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 underlying operating profit (before
the effects of fair value adjustments to investment properties) for the six
month period ended 30 September 2009 to be between 6% and 9% higher than the
period ended 30 September 2008. This is expected to be achieved on the back of
good growth in rental income (between 11% to 14%) despite the tough economic
conditions, as well as stringent cost control.
The cash balances at the beginning of the period and the proceeds of new units
issued in June 2009 were invested in offshore listed properties to further
strengthen the portfolio and to provide scalability, geographical, currency and
income diversification. The full benefit of these investments recently made has
not yet flowed through to earnings, but is expected to flow through in
subsequent reporting periods. The Fund expects to grow the Net Asset Value per
unit by between 2% to 4% for the six months to 30 September 2009 compared to the
Net Asset Value per unit as at 31 March 2009.
In view of the prevailing economic conditions, the Fund has adopted a very
conservative approach to valuation of its portfolio and does not expect to make
any fair value adjustments to investment properties for the period ended 30
September 2009. The earnings of the corresponding period to 30 September 2008
included an increase in fair values of investment properties. As a consequence
the earnings per unit for the six month period ended 30 September 2009 is
expected to decrease with between 62% and 66% when compared to the corresponding
figure for the period ended 30 September 2008.
Headline earnings per unit (which excludes the effects of fair value adjustments
but includes the effects of straight lining of rental income), for the same
period is expected to decrease between 10% and 13% compared to the corresponding
figure for the period ended 30 September 2008. This includes the impact of the
short term dilutive effect of the new units issued in June 2009. The weighted
average number of units in issue increased with 18.2% year on year.
The directors of the Fund utilize Distribution Per Unit and Net Asset Value Per
Unit as the key performance measures of the Fund. The distribution per unit for
the six month period ended 30 September 2009 is expected to be between 6% and
10% lower than the corresponding distribution for the period ended 30 September
2008. The distribution per unit comprises of permissible income in terms of the
mandate of the Fund. The expected decrease in distribution per unit is mainly
attributable to the short term dilutive effect of the new units issued in June
2009.
The financial information contained in this trading statement 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 2009 will be released on or about
21 October 2009.
Cape Town
15 October 2009
Designated Advisor
PSG Capital
Date: 15/10/2009 17:38:02 Produced by the JSE SENS Department.
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