CLO - Calulo - Adoption of distribution as reporti
CLO
CLO
CLO - Calulo - Adoption of distribution as reporting measure and trading
update
CALULO PROPERTY FUND LIMITED
(Registration number: 1987/006274/06)
ISIN: ZAE000060711 & Share Code: CLO
("Calulo" or "the company")
ADOPTION OF DISTRIBUTION AS REPORTING MEASURE AND TRADING UPDATE
In compliance with paragraph 3.4(b)(viii) of the Listings Requirements of
JSE Limited ("the Listings Requirements"), Calulo unitholders are advised
that the company has, with immediate effect, adopted distribution per
linked unit as the financial results measurement for trading statement
purposes.
Calulo unitholders are further advised that:
- the distribution per linked unit for the six month period ended 31
December 2006 is anticipated to be between 25% and 35% less than the
distribution of 11,80 cents per Calulo linked unit for the six month
period ended 31 December 2005; and
- the distribution per linked unit for the six month period ending 30
June 2007 is anticipated to be between 10% and 20% less than the
distribution of 10 cents per Calulo linked unit for the six month
period ended 30 June 2006.
These reductions in distributions have resulted from the alignment of
Calulo`s policies to that of Pangbourne Properties Limited`s
("Pangbourne") in relation to provisions, as Calulo is now a Pangbourne
subsidiary, and to take into account anticipated vacancies.
The above financial information has not been reviewed and reported on by
the company`s auditors in accordance with paragraphs 3.4(b)(vi)(1)(aa) or
3.4(b)(vi)(1)(bb) of the Listings Requirements.
Pursuant to the acquisition by Pangbourne of a controlling stake in Calulo,
the board of directors of Calulo has taken various steps to enhance the
performance of the company, including the appointment of Cheryl Wendelken
as Managing Director and the appointment of Pangbourne as managers.
Furthermore, as previously advised, the growth in Calulo`s asset base
through the acquisition of a quality office portfolio from Pangbourne to
establish it as a focused office fund is continuing ("the acquisition").
Calulo unitholders are referred to the joint cautionary announcement with
Pangbourne published together with this announcement today.
Calulo unitholders will be kept informed as to the progress of the
acquisition.
Craighall
19 January 2007
Sponsor
Standard Bank
Date: 19/01/2007 07:05:02 Produced by the JSE SENS Department.
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