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OAS
OAS
OAS - Oasis Crescent Property Fund - Reviewed interim results for the six
months ended 30 September 2010
Oasis Crescent Property Fund
(Incorporated in the Republic of South Africa)
(Registration number 2003/012266/06)
Share code: OAS
ISIN: ZAE000074332
("Oasis" or "the Fund")
Reviewed interim results for the six months ended 30 September 2010
Condensed statement of comprehensive income
for the 6 months ended 30 September 2010
Reviewed Reviewed Audited
6 months 6 months 12 months
to 30 to 30 to 31
September September March
2010 2009 2010
R`000 R`000 R`000
Revenue 28 035 26 079 56 382
Rental and related income 24 422 23 005 49 161
Income from investments 3 687 2 512 4 981
Straight-lining of lease income (74) 562 2 240
Expenses 9 674 8 304 17 929
Property expenses 8 110 6 967 15 302
Service charges 1 162 1 063 2 202
Other operating expenses 402 274 425
Net income from rentals and investments 18 361 17 775 38 453
Realised gain on sale of available-for- - - 7
sale investments
Fair value adjustment to investment 74 (562) 16 752
properties excluding straight-lining of
lease income
Fair value adjustment to investment - - 18 992
properties
Straight-lining of lease income 74 (562) (2 240)
Operating profit for the period 18 435 17 213 55 212
Net non-permissible investment income 127 342 796
Non-permissible investment income 131 353 809
received
Interest paid (4) (11) (13)
Net profit for the period 18 562 17 555 56 008
Other comprehensive income
Fair value gain on available-for-sale 3 542 14 767 14 227
financial assets
Total comprehensive income for the 22 104 32 322 70 235
period
Basic earnings per unit including non- 49.5 50.8 156.9
permissible income (cents)
Reconciliation of distributable income
for the 6 months ended 30 September 2010
Rental and related income 24 422 23 005 49 161
Less: Property expenses (8 110) (6 967) (15 302)
Property operating income 16 312 16 038 33 859
Murabaha income 190 48 360
Less: Murabaha expenses - - -
Murabaha operating income 190 48 360
Investment income 3 628 2 817 5 430
Less: Investment expenses (4) (11) (13)
Investment operating income 3 624 2 806 5 417
Service charges and other operating (1 564) (1 337) (2 627)
expenses
Distributable income including non- 18 562 17 555 37 009
permissible income
Non-permissible rental income (658) (956) (2 035)
Non-permissible investment income (121) (328) (739)
Distributable income excluding non- 17 783 16 271 34 235
permissible income
Distribution per unit including non- 49.5 50.8 103.7
permissible income
Interim distribution per unit (cents) 49.5 50.8 50.8
Final distribution per unit (cents) - - 52.9
Additional information:
Basic earnings per unit including non- 49.5 50.8 156.9
permissible income (cents)
Headline earnings and diluted headline 49.4 52.4 110.0
earnings per unit including non-
permissible income (cents)
Distribution per unit including non- 49.5 50.8 103.7
permissible income (cents)
Distribution per unit excluding non- 47.5 47.1 95.9
permissible income (cents)
Weighted average units in issue 37 462 790 34 561 279 35 694 283
Units in issue at the end of the period 37 462 790 34 947 835 37 462 790
Headline earnings and distribution income
Reconciliation
Net profit for the period 18 562 17 555 56 008
Adjusted for:
Realised gains on sale of available-for- - - (7)
sale investments
Fair value change to investment (74) 562 (16 752)
properties
Headline earnings 18 488 18 117 39 249
Less: Straight-line-lease accrual 74 (562) (2 240)
Distribution income including non- 18 562 17 555 37 009
permissible income
Non-permissible rental income (658) (956) (2 035)
Non-permissible investment income (121) (328) (739)
Distribution excluding non-permissible 17 783 16 271 34 235
income
Condensed statement of financial position
as at 30 September 2010
Reviewed Reviewed Audited
30 30 as at
September September 31 March
2010 2009 2010
R`000 R`000 R`000
Assets
Non-current assets 491 375 454 938 478 222
Investment properties 364 396 347 543 364 308
Property plant and equipment 36 47 42
Straight-line lease accrual 10 031 8 427 10 105
Available-for-sale financial assets 116 912 98 921 103 767
Current assets 32 367 13 771 41 775
Trade receivables 2 452 3 569 4 034
Other receivables 570 836 4 347
Trade receivables from related parties 32 - -
Held-for-trading investments 20 960 - -
Cash and cash equivalents 8 353 9 366 33 394
Total assets 523 742 468 709 519 997
Unitholders` funds and liabilities
Unitholders` funds 498 020 446 917 494 599
Capital of the Fund 402 440 372 702 402 487
Retained income - - -
Non-distributable reserve 108 507 90 151 108 581
Fair value loss on available-for-sale (12 927) (15 936) (16 469)
assets
Current liabilities 25 722 21 792 25 398
Trade payables 3 862 3 825 3 086
Accruals 225 388 249
Other payables 1 406 357 1 585
Trade payables to related parties 140 51 13
Unitholders for distribution 19 749 16 956 20 155
Non-permissible income available for 340 215 310
dispensation
Total unitholders` funds and liabilities 523 742 468 709 519 997
NAV (in cents per unit) 1 329 1 279 1 320
Condensed statement of changes in unitholders` funds
for the 6 months ended 30 September 2010
Non-
Capital distribu- Available
of the table -for-sale Retained
Capital Non- Available- Retained Total
of the distributabl for-sale income
Fund e reserve reserve
R`000 R`000 R`000 R`000 R`000
Balance at 1 April 360 931 89 589 (30 703) - 419 817
2009
Net profit for the - - - 17 555 17 555
period ended 30
September 2009
Other Comprehensive
Income
Fair value gain on - - 14 767 - 14 767
available-for-sale
financial assets
Total Comprehensive - - 14 767 17 555 32 322
Income for the period
30 September 2009
Issue of units - - - - -
Issue of units in 12 080 - - - 12 080
lieu of distribution
Transaction costs for (127) - - - (127)
issue of new units
Distribution received (182) - - 182 -
in advance
Transfer to non- - 562 - - 562
distributable reserve
Distribution to - - - (16 453) (16 453)
unitholders
Dispensation of non- - - - (1 284) (1 284)
permissible income
Balance at 30 372 702 90 151 (15 936) - 446 917
September 2009
Net profit for the - - - 38 453 38 453
period ended 31 March
2010
Other Comprehensive
Income
Fair value gain on - - (540) - (540)
available-for-sale
financial assets
Transfer to available-- - 7 (7) -
for-sale reserve
Total Comprehensive - - (533) 38 446 37 913
Income for the period
31 March 2010
Issue of units for 10 330 - - - 10 330
cash
Issue of units in 21 107 - - - 21 107
lieu of distribution
Transaction costs for (138) - - - (138)
issue of new units
Transfer to non- - 18 430 - (18 992) (562)
distributable reserve
Distribution received (1 514) - - 1 514 -
in advance
Distribution to - - - (19 478) (19 478)
unitholders
Dispensation of non- - - - (1 490) (1 490)
permissible income
Balance at 1 April 402 487 108 581 (16 469) - 494 599
2010
Net profit for the - - - 18 562 18 562
period ended 30
September 2010
Other Comprehensive
Income
Fair value gain on - - 3 542 - 3 542
available-for-sale
financial assets
Total Comprehensive - - 3 542 18 562 22 104
Income for the period
30 September 2010
Issue of units - - - - -
Issue of units in - - - - -
lieu of distribution
Transaction costs for (47) - - - (47)
issue of new units
Distribution received - - - - -
in advance
Transfer to non- - (74) - - (74)
distributable reserve
Distribution to - - - (17 783) (17 783)
unitholders
Dispensation of non- - - - (779) (779)
permissible income
Balance at 30 402 440 108 507 (12 927) - 498 020
September 2010
Condensed statement of cash flows
for the 6 months ended 30 September 2010
Reviewed Reviewed Audited
6 months to 6 months to 12 months to
30 September 30 September 31 March
2010 2009 2010
R`000 R`000 R`000
Cash flows from operating
activities
Net profit for the period 18 562 17 555 56 008
Adjusted for:
Non-permissible investment (131) (353) (809)
income received
Interest paid 4 11 13
Depreciation 6 6 11
Bad debt provision (80) 136 33
Dividend income - Offshore
Unrealised gain on held-for-
trading financial assets
Straight-line-lease accrual 74 (562) (2 240)
Realised gain on available-for-- - (7)
sale financial assets
Fair value adjustment to
investment properties
excluding straight-lining of (74) 562 (16 752)
lease income
18 361 17 355 36 257
(Increase)/decrease in current
assets
Trade receivables 1 662 358 (4)
Other receivables 3 777 1 897 (1 614)
Trade receivables from related (32) - -
parties
Increase/(decrease) in current
liabilities
Trade payables 776 1 218 (552)
Accruals (24) 29 (110)
Other payables (179) (434) 794
Trade payables to related 127 (188) (226)
parties
Cash generated from operations 24 468 20 235 34 545
Interest paid (4) (11) (13)
Non-permissible investment 131 353 809
income received
Unitholders for distribution (18 189) (4 530) (11 782)
Non-permissible income (749) (1 123) (2 518)
dispensed
Net cash inflow from operating 5 657 14 924 21 041
activities
Cash flows from investing
activities
Acquisition of available-for- (9 603) (24 997) (30 376)
sale financial assets
Acquisition of held-for- (20 960) - -
trading investments
Acquisition of property plant - - -
and equipment
Acquisition of investment (88) (2 107) (2 120)
properties
Net cash flow from investing (30 651) (27 104) (32 496)
activities
Cash flows from financing
activities
Proceeds from issue of units - - 22 410
Transaction costs for issue of (47) (127) (265)
new units
Net cash flow from financing (47) (127) 22 145
activities
Net (decrease)/increase in (25 041) (12 307) 10 690
cash and cash equivalents
Cash and cash equivalents
At beginning of period 33 394 21 673 22 704
At end of period 8 353 9 366 33 394
Segmental information for the 6 months ended 30 September 2010
Retail Offices Indus- Invest- Corpo- Total
trial ments rate
R`000 R`000 R`000 R`000 R`000 R`000
Segment revenue
Property income
Rental and 10 962 3 856 9 604 - - 24 422
related income
Income from
investments
Dividend income - - - 3 037 - 3 037
offshore
Permissible - - - 387 - 387
investment
income domestic
Unrealised gain - - - 263 - 263
on investment
income
10 962 3 856 9 604 3 687 - 28 109
Segment expense
Property 5 568 1 100 1 442 - - 8 110
expenses
Service charges - - - - 1 162 1 162
Other operating - - - - 402 402
expenses
5 568 1 100 1 442 - 1 564 9 674
Segment result
Operating 5 394 2 756 8 162 3 687 (1 564) 18 435
profit/(loss)
Net finance
income
Non-permissible - - - 127 - 127
investment
income
Net 5 394 2 756 8 162 3 814 (1 564) 18 562
profit/(loss)
before straight-
line-lease
income and fair
value change to
investment
properties
Straight-lining (63) (281) 270 - - (74)
of lease income
Fair value 63 281 (270) - - 74
change to
investment
properties
Net 5 394 2 756 8 162 3 814 (1 564) 18 562
profit/(loss)
after straight-
line-lease
income and fair
value change to
investment
properties
Segment assets
Investment 165 752 56 703 141 941 - - 364 396
properties
Property, plant 36 - - - - 36
and equipment
Straight-line- 3 835 166 6 030 - - 10 031
lease accrual
Available-for- - - - 116 912 - 116 912
sale financial
assets
Trade 1 782 90 558 22 - 2 452
receivables
Other 357 13 187 - 13 570
receivables
Trade (17) - (13) - 62 32
receivables from
related parties
Held-for-trading - - - 20 960 - 20 960
investments
Cash and cash - - - 8 353 - 8 353
equivalents
171 745 56 972 148 703 146 247 75 523 742
Segment
liabilities
Trade payables 2 706 148 629 - 379 3 862
Provisions - - - - 225 225
Other payables 1 002 - - - 404 1 406
Trade payables 39 - 40 - 61 140
to related
parties
Unitholders for - - - - 19 749 19 749
distribution
Non-permissible - - - - 340 340
income available
for dispensation
3 747 148 669 - 21 158 25 722
Net segment 167 998 56 824 148 034 146 247 (21 083) 498 020
assets
Capital - - 88 - - 88
expenditure
Segmental information for the 6 months ended 30 September 2009
Retail Offices Indus- Invest- Corpo- Total
trial ments rate
R`000 R`000 R`000 R`000 R`000 R`000
Segment revenue
Property income
Rental and 10 922 3 537 8 546 - - 23 005
related income
Income from
investments
Dividend income - - - 2 464 - 2 464
offshore
Permissible - - - - - -
investment
income offshore
Permissible - - - 48 - 48
investment
income domestic
10 922 3 537 8 546 2 512 - 25 517
Segment expense
Property 4 925 957 1 082 - 3 6 967
expenses
Service charges - - - - 1 063 1 063
Other operating - - - - 274 274
expenses
4 925 957 1 082 - 1 340 8 304
Segment result
Operating 5 997 2 580 7 464 2 512 (1 340) 17 213
profit/(loss)
Net finance
income
Non-permissible - - - 342 - 342
investment
income
Net 5 997 2 580 7 464 2 854 (1 340) 17 555
profit/(loss)
before straight-
line-lease
income and fair
value change to
investment
properties
Straight-lining (228) (194) 984 - - 562
of lease income
Fair value 228 194 (984) - - (562)
change to
investment
properties
Net 5 997 2 580 7 464 2 854 (1 340) 17 555
profit/(loss)
after straight-
line-lease
income and fair
value change to
investment
properties
Segment assets
Investment 161 898 52 581 133 064 - - 347 543
properties
Property, plant 47 - - - - 47
and equipment
Straight-line- 2 672 698 5 057 - - 8 427
lease accrual
Available-for- - - - 98 921 - 98 921
sale financial
assets
Trade 758 52 256 2 503 - 3 569
receivables
Other 308 - 427 - 101 836
receivables
Trade - - - - - -
receivables from
related parties
Cash and cash - - - 9 366 - 9 366
equivalents
165 683 53 331 138 804 110 790 101 468 709
Segment
liabilities
Trade payables 2 788 99 441 - 497 3 825
Provisions - - - - 388 388
Other payables 10 - - - 347 357
Trade payables 4 5 23 - 18 51
to related
parties
Unitholders for - - - - 16 956 16 956
distribution
Non-permissible - - - - 215 215
income available
for dispensation
2 802 104 464 - 18 421 21 792
Net segment 162 881 53 227 138 340 110 790 (18 320) 446 917
assets
Capital 2 071 - 36 - - 2 107
expenditure
Segmental information for the year ended 31 March 2010
Retail Offices Indus- Invest- Corpo- Total
trial ments rate
R`000 R`000 R`000 R`000 R`000 R`000
Segment revenue
Property income
Rental and 23 849 7 495 17 817 - - 49 161
related income
Income from
investments
Dividend income - - - 4 453 - 4 453
offshore
Permissible - - - 360 - 360
investment
income domestic
Dividend income - - - 168 - 168
domestic
23 849 7 495 17 817 4 981 - 54 142
Segment expense
Property 10 176 2 725 2 401 - - 15 302
expenses
Service charges - - - - 2 202 2 202
Other operating - - - - 425 425
expenses
10 176 2 725 2 401 - 2 627 17 929
Realised gain on - - - 7 - 7
sale of
available-for-
sale investments
Segment result
Operating 13 673 4 770 15 416 4 988 (2 627) 36 220
profit/(loss)
Net finance
income
Non-permissible - - - 796 - 796
investment
income
Net 13 673 4 770 15 416 5 784 (2 627) 37 016
profit/(loss)
before straight-
line-lease
income and fair
value change to
investment
properties
Straight-lining 969 (417) 1 688 - - 2 240
of lease income
Fair value 185 7 777 8 790 - - 16 752
change to
investment
properties
Net 14 827 12 130 25 894 5 784 (2 627) 56 008
profit/(loss)
after straight-
line-lease
income and fair
value change to
investment
properties
Segment assets
Investment 161 972 60 483 141 853 - - 364 308
properties
Property, plant 42 - - - - 42
and equipment
Straight-line- 3 868 477 5 760 - - 10 105
lease accrual
Available-for- - - - 103 767 - 103 767
sale financial
assets
Trade 1 649 144 396 - 1 845 4 034
receivables
Other 243 13 308 3 753 30 4 347
receivables
Cash and cash - - - 33 394 - 33 394
equivalents
167 774 61 117 148 317 140 914 1 875 519 997
Segment
liabilities
Trade payables 2 492 154 183 - 257 3 086
Provisions - - - - 249 249
Other payables 1 093 - 33 - 459 1 585
Trade payables 13 - - - - 13
to related
parties
Unitholders for - - - - 20 155 20 155
distribution
Non-permissible - - - - 310 310
income available
for dispensation
3 598 154 216 - 21 430 25 398
Net segment 164 176 60 963 148 101 140 914 (19 555) 494 599
assets
Capital 2 083 - 37 - - 2 120
expenditure
Basis of preparation and accounting policies
The interim results of the Fund have been prepared in accordance with
International Financial Reporting Standards (IFRS), International Accounting
Standard 34 (IAS 34) and the requirements of the Collective Investment Schemes
Control Act of 2002. The non-permissible income is dispensed to the Oasis
Crescent Fund Trust which is a registered public benefit organisation. The
accounting policies are consistent with those applied in the most recent
annual financial statements of the Fund. The interim financial statements have
been prepared under that revised disclosure requirements. The Fund`s
investment manager follows the guidance of IAS 39 to determine when an
available-for-sale asset is impaired. The determination requires significant
judgment. In making this judgment, the Fund`s investment manager evaluates,
among other factors, the duration and extent to which the fair value of an
investment is less than cost and the financial health and business outlook for
the investee, including factors such as industry and sector performance. The
Fund`s external auditors, PricewaterhouseCoopers Inc., has reviewed the
financial information set out in this report. Their unqualified review report
is available for inspection at the Fund`s registered office.
Related party transactions and balances
Identity of the related parties with whom material transactions have occurred
Oasis Crescent Property Fund Managers Limited is the management company of the
Fund in terms of the Collective Investment Schemes Control Act.
Eden Court Property Fund (Pty) Limited is the entity that owned any property
that is not Shari`ah compliant up to 31 October 2008. Rentals were collected
by Eden Court Property Fund (Pty) Limited and expenses were paid and recovered
by Oasis Crescent Property Fund Managers Limited.
Oasis Group Holdings (Pty) Limited is a tenant at the Ridge@Shallcross.
As disclosed in the prospectus of Oasis Crescent Global Property Equity Fund a
management fee is charged for investing in the Oasis Crescent Global Property
Equity Fund by Oasis Global Management Company (Ireland) Limited, the manager
of the fund.
There are common directors to Oasis Crescent Property Fund Managers Limited,
Eden Court Property Fund (Pty) Limited, Oasis Group Holdings (Pty) Limited and
Oasis Global Management Company (Ireland) Limited. Transactions with related
parties are executed on terms no less favourable than those arranged with
third parties.
Type of related party transactions
The Fund pays a service charge and a property management fee on a monthly
basis to Oasis Crescent Property Fund Managers Limited.
Related party transactions
6 months to 6 months to 12 months
30 September 30 September to 31 March
2010 2009 2010
Related party transactions R`000 R`000 R`000
Service charge paid to Oasis 1 162 1 063 2 202
Crescent Property Fund Managers
Limited
Property management fees paid to 456 448 916
Oasis Crescent Property Fund
Managers Limited
Managers Limited
Rental, related income and deposit 155 142 292
paid by Oasis Group Holdings (Pty)
Limited
Related party balances
6 months to 6 months to As at
30 September 30 September 31 March
2010 2009 2010
Related party balance R`000 R`000 R`000
Trade (payables to)/receivables from - (10) -
Eden Court Property Fund (Pty)
Limited
Trade (payables)/receivables to (140) (33) (6)
Oasis Group Holding (Pty) Limited
Trade (payables to)/receivables from 32 (8) (7)
Oasis Crescent Property Fund
Managers Limited
Trade deposit received from Oasis (64) (64) (64)
Group Holdings (Pty) Limited
Directors` commentary
1. Financial results
The distribution of 47.5 cents per unit for the interim period ended 30
September 2010 represents a 1% increase on the distribution of 47.1 from the
first six months of the previous financial year.
6 months to 6 months to 12 months to
30 September 30 September 31 March
2010 2009 2010
Distribution per unit including non-49.5 50.8 103.7
permissible income (cents)
Non-permissible rental per unit (1.7) (2.8) (5.7)
(cents)
Non-permissible investment income (0.3) (0.9) (2.1)
per unit (cents)
Distribution per unit excluding non-47.5 47.1 95.9
permissible income (cents)
Property portfolio valuation (Rm) 374 356 374
Investment in Offshore Listed 117 99 104
Properties (Rm)
Cash and cash equivalents (Rm) * 29 9 33
Net asset value per unit (cents) 1 329 1 279 1 320
Listed market price (cents) 1 240 1 240 1 230
*Includes short-term held-for-trading investments
2. South African portfolio
In a weak economic environment the fundamentals of South African property
companies remain strong due to industry debt levels remaining conservative.
Low levels of new development will limit the supply of lettable property. As
economic growth boost demand, we envisage industry-wide vacancy to reduce and
support higher rentals.
The Fund is well positioned to take advantage of these conditions, with a
fully let industrial and office portfolio which comprises of 28% and 12% of
total assets respectively.
The retail portfolio comprises 32% of total assets. The focus of management is
to improve the tenant mix by attracting further national tenants through the
consolidation of existing space. Changing demographic and shopping trends have
supported efforts to increase retail trading hours to align with peak
footfall. We are pleased to note that, as a result, the operating and trading
environments are showing continued improvement, with positive growth in retail
trading density and a 4% growth in footfall over the comparable period.
It is our objective to provide consumers and tenants with a safe, clean and
pleasant experience. In this regard we have implemented an ongoing maintenance
programme at all our properties and adopted a focused marketing strategy.
The Fund has significant cash and short-term investments amounting to R29.3
million which enables it to take advantage of investment opportunities as they
arise.
The non-permissible income (NPI) component of the distribution including NPI
has reduced from 7.3% to 4.0% over the comparable period. This has been
achieved as a result of the diversification of our asset allocation to include
Shari`ah compliant investment products, in addition to continual improvement
of the tenant mix at directly held properties.
3. Global property investment
The management team continued to identify attractive global opportunities in
property to support its efforts to diversify risk. By utilising the
strengthening Rand, the Fund has increased its offshore exposure to comprise
22% (September 2009: 21%) of its assets.
Internationally the operating fundamentals of the commercial real estate
sector continue to recover. The period has seen a significant decline in the
development of new investment properties globally which has led to a limited
supply of rental stock, particularly in developed countries. As a result,
occupancy, rental levels and arrears of major international property companies
stabilised during 2010, and we expect gradual improvement in 2011. In addition
to the recovery in property income, there remains a substantial gap between
the cash earnings and distributions of the global listed property sector,
which will support strong distribution growth over the medium term. Current
dividend yields already exceed comparative bond yields and inflation by a wide
margin.
The global listed property sector has successfully reduced debt levels,
strengthened its overall financial position and has proven over the past two
years that it has a comparative advantage in terms of access to equity and
debt relative to the unlisted property sector. The listed REIT sector is
therefore well positioned to acquire earnings-enhancing properties at
attractive valuations.
During the interim period, the investment in the Oasis Crescent Global
Property Equity Fund increased by 7.7% in US Dollar terms, however this was
partially offset by the Rand strengthening by 4.1%. Distributions received
from the underlying Fund increased by a healthy 33% in US Dollar terms (23% in
Rand terms) which is a combination of solid growth in income and an increased
holding.
The Oasis Crescent Global Property Equity Fund is well positioned to take
advantage of these opportunities and remains focused on buying companies that
are well managed and attractively valued. The portfolio is well diversified
with a high exposure to defensive property sectors in Northern Europe,
Australia, Asia and the USA.
4. Segmental summary
Segment profile based on 30 September 30 September 31 March 2010
net operating revenue* 2010 (%) 2009 (%) (%)
Industrial 41 39 39
Retail 26 32 33
Office 15 14 14
Investments 18 15 14
100 100 100
*Net operating revenue represents gross rentals/investment income less
directly attributable costs.
Segment profile based on 30 September 30 September 31 March 2010
assets employed 2010 (%) 2009 (%) (%)
Industrial 28 30 29
Retail 32 35 32
Office 12 11 12
Investments 28 24 27
100 100 100
5. Outlook
Improving demand, together with supply constraints and the lack of major new
developments within the footprint of the Fund`s portfolio, provide a positive
outlook for rental growth. Measures to improve retail tenant mix and
consolidate space to attract larger tenants continue to be implemented in line
with the strategy adopted by the Board.
The long term global property investment, which has performed well in Dollar
terms, has been affected in the short term by the strength of the Rand. This
global investment provides the Fund with currency and geographic risk
diversification. The Fund is well positioned to benefit from the improving
fundamentals of the global property market. The cash available after payment
of the interim distribution will allow the Fund to take advantage of suitable
offshore and local investment opportunities.
6. Changes to the board
During the interim period, Mr. Abduraghman Mayman resigned as Financial
Director and was replaced by Mr. Amir Abubaker Gogabori effective from 16th
September 2010.
Mr. Amir Abubaker Gogabori is a Chartered Accountant with several years of
management experience in the financial services industry and specialist
expertise in regulation and compliance.
7. Distribution declaration and important dates
Notice is hereby given that an income distribution, after non-permissible
income in respect of the six months ended 30 September 2010 of 47.47 cents per
unit in aggregate has been declared payable to unitholders recorded in the
register of the Fund at close of business on Friday 12 November 2010, and the
concomitant unit distribution of 3.57 units for every 100 units so held, which
such unitholders may elect to receive in lieu of the aforementioned income
distribution, and which income distribution comprises of the following three
payments, namely:
Income category Cents (per Cents (per Scrip
unit) 100 units) election
(per 100
units)
(i) Property income 38.3915 3 839.15 2.89
(ii) Offshore dividend income 7.4768 747.68 0.56
(iii Domestic permissible investment 1.6005 160.05 0.12
) income
Total 47.4688 4 746.88 3.57
((i) - (iii) collectively referred to as the "income distribution" and/or the
"unit distribution" as the case may be.)
Unitholders should take note of the corporate action timetable as set out
below in respect of the above income and unit distribution and the election in
terms thereof:
Declaration announcement on SENS of income Thursday, 21 October 2010
distribution and right of election to receive
unit distribution
Circular and form of election posted to Friday, 29 October 2010
unitholders
Finalisation announcement on SENS in respect Friday, 29 October 2010
of income distribution and right of election
to receive unit distribution
Last day to trade in order to be eligible for Friday, 5 November 2010
the income distribution/unit distribution
Trading commences ex-entitlement Monday, 8 November 2010
Listing of maximum possible number of unit Monday, 8 November 2010
distribution units at commencement of trade on
Closing date for the election of unit Friday, 12 November 2010
distribution or scrip issue at 12:00
Record date for income distribution Friday, 12 November 2010
Income distribution cheques and/or unit Monday, 15 November 2010
certificates posted and CSDP/broker accounts
updated
Announcement of the results of the income Monday, 15 November 2010
distribution on SENS
Adjustment of number of new units listed on or Tuesday, 16 November 2010
about
Note:
1. Units may not be dematerialised or rematerialised between Monday 8 November
2010 and Friday 12 November 2010.
2. The above dates and times may be subject to change. Any changes will be
announced on SENS.
3. All times quoted are South African times.
4. Dematerialised unitholders are requested to ascertain from their broker or
CSDP as to the cut-off time required by them in order to advise the transfer
secretaries of their election.
5. If no election is made, unitholders will receive the income distribution.
A circular will be posted out to unitholders on or about 29 October 2010 in
respect of the income and unit distribution.
By order of the board
Oasis Crescent Property Fund Managers Ltd
Cape Town
21 October 2010
Designated Advisor
PSG Capital (Pty) Limited
Date: 21/10/2010 10:05:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
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