| Wed 29 Jun 2011, 11:00 | | VKE - Vukile Property Fund Limited - Integrated annual report no change |
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VKE
VKE
VKE - Vukile Property Fund Limited - Integrated annual report, no change
statement and notice of Annual General Meeting
VUKILE PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2002/027194/06)
JSE Share code: VKE ISIN:ZAE000056370
NSX Share code: VKN
("Vukile" or "the company")
INTEGRATED ANNUAL REPORT, NO CHANGE STATEMENT AND NOTICE OF ANNUAL GENERAL
MEETING
VUKILE SHRUGS OFF SLOW RECOVERY TO POST ROBUST RESULTS
Property loan stock company Vukile shrugged off a sluggish economic recovery to
increase its full year distribution to linked unitholders by 9% and to grow its
net asset value by 7.6% in the 2010 financial year.
In its annual report, published today, chairman Anton Botha said that the listed
property sector delivered a robust performance during the 2010 calendar year as
illustrated by the fact that the South African Listed Property Index recorded a
total return of 29.6% for the year, outperforming the other traditional asset
classes. This he attributed mainly to strong demand from both retail and
institutional investors as well as the listing of a few smaller funds, which
caused the market capitalisation of the sector to grow over the last year from
R100 billion to R120 billion.
However, despite the strong performance from the listed property sector,
conditions at the coal face remained as tough as ever. "Vacancies remained high
and bad debts and arrears have not yet started to improve from previous levels.
This, coupled with the fact that retail sales have remained depressed while
energy costs and rates and taxes have increased dramatically, has caused rental
levels to remain under pressure and business conditions were as tough as at any
time during the past two to three years," he said.
"We are of the opinion that the outlook for property, given that the economy has
experienced several successive quarters of growth, is more positive than
negative. Consumer spending remains weak, however, and, as the property cycle
lags the general economy by between 12 and 18 months, we consider any possible
recovery over the next 12 months to be muted and fairly fragile. Higher
municipal rates and taxes and energy costs remain a cause for concern and this
will continue to make rental bargaining difficult and keep vacancy levels under
pressure."
NO CHANGE STATEMENT AND NOTICE OF ANNUAL GENERAL MEETING
Unitholders are advised that the integrated annual report for the year ended 31
March 2011, will be posted on 29 June 2011. The annual financial statements
contained in the integrated annual report are identical to the audited results
of the company which were released on SENS on Monday, 23 May 2011.
Notice is hereby given that the annual general meeting of Vukile will be held in
the Vukile boardroom, First floor, Meersig 1 Building, Constantia Boulevard,
Constantia Kloof, 1709, Gauteng, on Wednesday, 31 August 2011 at 11:00.
The notice of annual general meeting is issued with the integrated annual
report, which contains the annual financial statements of Vukile for the year
ended 31 March 2011.
Roodepoort
29 June 2011
JSE Sponsor: One Capital
NSX Sponsor: IJG Group
Date: 29/06/2011 11:00:01 Produced by the JSE SENS Department.
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