SPEARHEAD PROPERTY HOLDINGS LIMITED - TRADING UPDATE
Spearhead Property Holdings Limited
Incorporated in the Republic of South Africa
Registration number: 1996/005827/06
Share code: SPE ISIN: ZAE 000019162
(`Spearhead` or `the company`)
TRADING UPDATE
Unitholders are advised that Spearhead`s basic earnings per linked unit for the
year ended 30 June 2004 will be substantially higher (`substantially` being an
increase of 30% or more as defined in the revised JSE Securities Exchange South
Africa (`the JSE`) Listings Requirements) than those reported for the year ended
30 June 2003. The increase in basic earnings per linked unit arises from a net
surplus on the revaluation of investment properties. Headline earnings per
linked unit is not impacted by the net surplus on the revaluation of investment
properties. Unitholders are also advised that the distribution per linked unit
for the year ended 30 June 2004 is anticipated to be materially higher
(`materially` being an increase of between 10% and 30% as defined in the revised
JSE Listings Requirements) than that reported for the year ended 30 June 2003.
The basic earnings and distribution per linked unit have not been reviewed or
reported on by the company`s auditors. Spearhead`s results for the year ended
30 June 2004 are expected to be released on or about 31 August 2004.
Cape Town
23 August 2004
Sponsor: Bridge Capital Services (Pty) Limited
Date: 23/08/2004 04:03:59 PM Produced by the JSE SENS Department
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