Arnold Property Fund Limited - Further Trading Upd
ARP
Arnold Property Fund Limited - Further Trading Update Pursuant To Review By The
Fund Manager And Cautionary Announcement
Arnold Property Fund Limited
(Incorporated in the Republic of South Africa)
(Registration No. 2001/011887/06)
Share Code: ARP ISIN Code: ZAE000031720
("A-Prop")
FURTHER TRADING UPDATE PURSUANT TO
REVIEW BY THE FUND MANAGER AND CAUTIONARY
ANNOUNCEMENT
Further to the trading update announced on 13 June 2003, Coronation Capital
Property Investments Limited ("Corovest") (in its capacity as A-Prop fund
manager) has, in conjunction with the year-end audit, substantially completed
its review of the financial status of A-Prop.
The review has indicated that the reduction in the interest distribution on the
linked units of A-Prop for the twelve months ended 30 June 2003 (over the
distribution unitholders received for the ten-month period ended 30 June 2002)
will be substantial.
The independent valuations on the A-Prop property portfolio, commissioned by
Corovest, indicate that the net asset value of the A-Prop property portfolio
will have decreased materially in the current year.
The board of A-Prop is currently involved in discussions regarding the re-
capitalisation of the fund. Accordingly the board of directors has resolved to
delay the announcement of the final distribution for the year ended 30 June 2003
and the net asset value at that date to the end of August 2003.
Unitholders are, accordingly, advised to exercise caution until such time as a
further announcement has been made.
Johannesburg
13 August 2003
Corporate Advisor Sponsor Auditors
Java Capital (Pty) Nedbank Corporate Deloitte & Touche
Limited
Date: 13/08/2003 03:31:19 PM Produced by the JSE SENS Department
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