Arnold Property Fund Limited - Trading Update
Arnold Property Fund Limited
(Incorporated in the Republic of South Africa)
(Registration No. 2001/011887/06)
Share Code: ARP ISIN Code: ZAE000031720
("A-Prop")
TRADING UPDATE PURSUANT TO PRELIMINARY REVIEW BY THE NEW FUND MANAGER
Pursuant to the reconstitution of the board of A-Prop and the conclusion of the
new fund management agreement in terms of which Coronation Capital Property
Investments Limited ("Corovest") was appointed as A-Prop"s new fund manager, as
announced on 21 May 2003, Corovest (in its capacity as A-Prop fund manager) has
completed a preliminary review of the financial status of A-Prop.
The preliminary review has indicated that the interest distribution on the
linked units of A-Prop for the twelve months ended 30 June 2003 will be
significantly less than the distribution unitholders received for the ten-month
period ended 30 June 2002.
In addition, Corovest has commissioned independent valuations on the A-Prop
property portfolio and based on preliminary findings expects the net asset value
to have decreased in the current year.
The board of A-Prop anticipates having finalised the distribution and net asset
value by mid August 2003.
Johannesburg
13 June 2003
Corporate Advisor Sponsor
Java Capital (Proprietary) Limited Nedbank Corporate
Date: 13/06/2003 03:01:04 PM Supplied by www.sharenet.co.za
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