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Trading statement
ATTACQ LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1997/000543/06)
JSE share code: ATT ISIN: ZAE000177218
(Approved as a REIT by the JSE)
("Attacq" or "the company")
TRADING STATEMENT
Attacq uses distribution per share as its relevant measure of financial performance. Shareholders are referred to the
June 2020 pre-close update announcement published on SENS on 30 June 2020, as well as Attacq's results for the year
ended 30 June 2020 published on SENS on 22 September 2020, wherein shareholders were advised that the board of Attacq
had resolved not to pay an interim distribution for the six months ending 31 December 2020 ("interim period").
Attacq satisfied all REIT regulatory requirements for the year ended 30 June 2020, including the minimum 75.0%
distribution requirement as set out in paragraph 13.47 of the JSE Listings Requirements ("distribution requirement").
The distribution requirement considers the total dividends paid in respect of a financial year, including interim and final
dividends. Hence, notwithstanding that an interim dividend will not be paid, the distribution requirement for the year ending
30 June 2021 will be assessed taking into account dividends paid for the full year, including a final dividend if applicable.
The company’s distributable earnings per share ("DEPS") comprises the DEPS generated by its four drivers, namely its
South African portfolio, Developments at Waterfall, Investment in MAS Real Estate Inc. ("MAS") and Rest of Africa retail
investments.
The DEPS impact of Developments at Waterfall consists of the holding costs of the leasehold land in Waterfall which can
be reasonably estimated. Attacq accounts for dividends it receives from its Investment in MAS in the period in which it is
received. MAS did not declare a final dividend for the year ended 30 June 2020, and accordingly Attacq will not receive
and account for a MAS dividend in its DEPS for the interim period. In addition, Attacq does not expect to receive any
distributable income from its Rest of Africa retail investments for this interim period. For these three drivers, there is
therefore reasonable certainty of their impact on the company's DEPS.
Whilst it is expected that the South African portfolio's contribution to DEPS will be lower for the interim period, there is
currently no reasonable certainty regarding the amount. The contribution by this driver to the company's DEPS for the
interim period ended 31 December 2019 and the year ended 30 June 2020 was 70.3% and 63.0% respectively.
As a result, shareholders are advised that when compared to the prior corresponding period, the company expects a decline
in its DEPS for the interim period of at least 40.0%, due to the decreased contribution to interim DEPS from the three
drivers referred to above. A further trading statement will be published once the company has reasonable certainty on the
interim DEPS contribution from its South African portfolio.
Attacq will provide a pre-close update to the market on 1 December 2020 at 3pm, CAT.
The financial information contained in this trading statement has not been reviewed or reported on by Attacq's auditors.
19 November 2020
Sponsor
Java Capital
Date: 19-11-2020 05:05:00
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