TRADING UPDATE AND INTEREST DISTRIBUTION NUMBER 13
TRADING UPDATE AND INTEREST DISTRIBUTION NUMBER 13
Trading Update
Linked unitholders of Redefine were advised in the unaudited interim results for
the six months ended 28th February 2003 that the company anticipated maintaining
its total distributions per linked unit at substantially similar levels to those
of the previous financial year provided the property sector did not deteriorate
and projected distributions from the listed security portfolio materialized.
The financial results for the quarter ended 31 May 2003 reflect a material
reduction in income from certain listed securities, primarily Arnold Property
Fund Limited ("A-Prop") and Rand Leases Properties Limited ("Rand Leases"). In
addition net income from property portfolios (the "property portfolios")
recently acquired have not met expectations.
Management has taken the following steps to address the abovementioned issues:
- supported the appointment of Coronation Property Investments Limited as new
managers of A-Prop; and
- embarked on a concerted letting campaign in relation to vacant space within
the property portfolios.
The following material adjustments to the projections for the remainder of the
current year and thereafter have been made:
- reduction in the anticipated distributions from A-Prop and Rand Leases ; and
- revision of the projected net income from the property portfolios.
The interest distribution to Redefine linked unitholders for the quarter ended
31 May 2003 has been reduced to 6,25 cents per linked unit.
The distribution for the quarter ending 31 August 2003 is projected to be not
less than 6,25 cents per linked unit resulting in a projected annual
distribution for the 2003 year of no less than 29,5 cents (2002: 37 cents) per
linked unit.
Distributions for the year ending 31 August 2004 are projected to be no less
than 31 cents per linked unit.
The projections for the last quarter of 2003 and for the year ending 31 August
2004 have been examined by Fisher Hoffman PKF (Jhb) Inc, whose report is
available at the company"s registered office.
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
