Arnold Property Fund Limited - Trading Update 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 or the company)
TRADING UPDATE AND CAUTIONARY ANNOUNCEMENT
Unitholders are referred to the reviewed results of A-Prop for the year ended 30
June 2003 published on 30 September 2003 in which reasons were provided for the
downturn in performance of the fund.
Comparison with results to 31 December 2002
Unitholders are advised that the distribution per linked unit for the six months
ended 31 December 2003 (the distribution) is expected to be substantially
lower (substantially being a change equal to or greater than 30%, as defined
by the Listing Requirements of the JSE Securities Exchange South Africa) than
that for the six months ended 31 December 2002.
Comparison with results for six months to 30 June 2003 (previous period)
As the business is not cyclical and as the distribution for the previous period
reflects the abovementioned downturn in performance, the directors believe that
this period would be a better benchmark for comparison. As a result, unitholders
are advised that the distribution will be substantially higher than the
distribution for the previous period.
As the distribution has not been reviewed or reported on by A-Props auditors,
unitholders are advised to exercise caution when dealing in A-Props linked
units until the release of the interim announcement of the results for the six
months ended 31 December 2003, which announcement is anticipated to be released
on or before 20 February 2004.
Johannesburg
10 February 2004
Corporate Advisor and Sponsor
Java Capital (Proprietary) Limited
Date: 10/02/2004 05:08:02 PM Produced by the JSE SENS Department
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