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SA CORPORATE REAL ESTATE LIMITED - Trading statement and release of interim results for the six months ended 30 June 2020

Release Date: 15/09/2021 17:47
Code(s): SAC     PDF:  
Wrap Text
Trading statement and release of interim results for the six months ended 30 June 2020

SA Corporate Real Estate Limited
(Incorporated in the Republic of South Africa)
(Registration number 2015/015578/06)
Share code: SAC ISIN: ZAE000203238
(Approved as a REIT by the JSE)
("SA Corporate" or “the Company”)

TRADING STATEMENT AND RELEASE OF INTERIM RESULTS FOR THE SIX 
MONTHS ENDED 30 JUNE 2021

Trading Statement

In terms of paragraph 3.4(b)(vii) of the JSE Listings Requirements, property
entities which have adopted distribution per share as their financial results
measurement for trading statement purposes, are required to publish a trading
statement as soon as they are satisfied that a reasonable degree of certainty exists
that the distribution per share will differ by at least 15% from the distribution per
share for the previous corresponding period.

The Board of SA Corporate has been mindful that it was necessary to receive
confirmation that the Company’s insurance claim for damages caused by the riots in
July 2021 was admitted by SASRIA when considering SA Corporate’s interim
distribution for the six months ending 30 June 2021. The Company is pleased to
advise that SASRIA has accepted in principle SA Corporate’s initial provisional claim
estimated at R558.2 million in respect of damage to its affected properties
submitted on 7 August 2021, and a part payment release was received on 13
September 2021 in the amount of R34.5 million, being largely for loss of income to
date.

The Company anticipates that for the interim financial results (including the
distribution per share) for the six months ended 30 June 2021:

• distributable income will be R344.5 million, representing an increase of 10.7%
  compared to R311.1 million for the six months ended 30 June 2020 (“Prior
  Period”); and
• a distribution of 75% of distributable income will be paid, amounting to 10.27
  cent per share, representing an increase of more than 100% compared to the
  Prior Period distribution per share of 0 (zero) cents per share.

Release of interim results for the six months ended 30 June 2021

The Company intends releasing its interim results for the six months ended 30 June
2021 on or about 16 September 2021.

The financial information in this announcement has not been reviewed or reported
on by SA Corporate's auditors.

15 September 2021
Cape Town

Sponsor: Nedbank Corporate and Investment Banking, a division of Nedbank
Limited

Date: 15-09-2021 05:47:00
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