| Fri 24 Nov 2006, 15:00 | | Atlas - Declaration of Dividend and Interest on De |
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ATS
ATS
Atlas - Declaration of Dividend and Interest on Debentures
ATLAS PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1988/000742/06)
Share code: ATS & ISIN: ZAE000008975
("Atlas")
DECLARATION OF DIVIDEND AND INTEREST ON DEBENTURES
for the year ended 30 September 2006
Declaration of final dividend and interest on debentures
Notice is hereby given that a final distribution of 67,661 cents (2005: 61,032
cents), comprising interest of 67,093 cents (2005: 60,614 cents) per debenture
and a dividend of 0,568 cents (2005: 0,418 cents) per share has been declared
in respect of the year ended 30 September 2006. The last date to trade cum
interest and dividend will be Friday, 15 December 2006 and the linked units
will commence trading ex interest and dividend from Monday, 18 December 2006.
The record date will be Friday, 22 December 2006 and payment will be made on
Wednesday, 27 December 2006. Linked units may not be dematerialised or
rematerialised between Monday, 18 December 2006 and Friday, 22 December 2006,
both dates inclusive.
Reviewed Audited
September September
2006 2005
Distribution for the year
R"000 R"000
Net income distributed to unitholders 73 519 67 285
Consisting of:
Debenture interest 72 929 66 974
Dividend 590 311
Linked units in issue 63 784 922 63 784 922
cents cents
Total distribution per linked unit 115,260 105,488
Consisting of:
Debenture interest 114,336 105,001
Dividend 0,924 0,487
Made up as follows:
Interim distribution per linked unit paid on 26
June 2006 47,599 44,456
Consisting of:
Debenture interest 47,243 44,387
Dividend 0,356 0,069
Final distribution per linked unit to be paid on
27 December 2006 67,661 61,032
Consisting of:
Debenture interest 67,093 60,614
Dividend 0,568 0,418
Net tangible asset value per linked unit 1 457 1 214
In terms of the requirements of the JSE Limited the following additional
information is provided:
Restated
R"000 R"000
Consolidated profit before debenture interest and
taxation 250 922 285 019
Included in consolidated profit before debenture interest and taxation is the
surplus on the revaluation of investment properties amounting to R173,25
million (2005: R210,56 million).
Comments
The distribution for the year at 115,260 (2005: 105,488) cents per unit is 9,3%
higher than the previous year.
Atlas has achieved total compounded growth of 27,72% per annum over the 10-year
period ended 30 September 2006, which ranks it at 19 in the top 50 companies
over 10 years survey as performed by Business Times.
During the year Atlas completed the upgrade of Bayside Mall, of which it owns
50%, and commenced with the expansion thereof. The total cost to Atlas of the
upgrade and expansion will amount to R59 million. Two of the five jointly owned
sites at Century Gate in Century City were developed and leased to Porsche
Western Cape, and the three remaining sites are about to be developed. A 6
hectare site adjoining Somerset Mall in Somerset West was acquired after 30
September 2006 for R30 million.
Subject to certain conditions, Atlas will upgrade and expand its Westville
Mall complex in KwaZulu-Natal at an estimated cost of R105 million.
Construction is expected to commence early in 2007.
These developments and acquisitions will enhance the quality of the group"s
portfolio as well as boost earnings growth going forward.
Building vacancies were 2,9% of rentable area (2005: 7,8%), or 1,9% of gross
rental income (2005: 4,6%).
Barring unforeseen circumstances, Atlas should continue to provide increased
earnings to unitholders for the forthcoming year.
Full details of the final results will be available in the Annual Report to be
posted to unitholders on or before 22 December 2006.
By order of the Board
Atlas Management Services (Pty) Ltd Cape Town
Secretaries 24 November 2006
Registered address: 121 Roodebloem Road, Woodstock, 7925
Transfer Secretaries: Computershare Investor Services 2004 (Pty) Ltd,
70 Marshall Street,
Johannesburg, 2001
Date: 24/11/2006 03:00:03 PM Produced by the JSE SENS Department
