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Audited Consolidated AFS for the year ended 30 June 2024, Cash Dividend Declaration, IAR and Notice of AGM
PUTPROP LIMITED
Incorporated in the Republic of South Africa
(Registration number 1988/001085/06)
Share code: PPR ISIN: ZAE000072310
("Putprop" or "the Company" or "the Group")
AUDITED CONSOLIDATED ANNUAL FINANCIAL RESULTS FOR THE YEAR ENDED 30 JUNE
2024, CASH DIVIDEND DECLARATION, DISTRIBUTION OF ANNUAL REPORT AND NOTICE
OF ANNUAL GENERAL MEETING
Introduction
Putprop is a property investment company, listed on the Main Board of the
JSE Limited ("JSE") under the real estate sector. The Company offers
investors an opportunity to participate in a JSE listed property company
active in all property segments.
The portfolio currently comprises of 13 (2023: 13) strategically located
properties, located primarily in Gauteng. The total Gross Lettable Area
("GLA") of the invested properties is 97 601m² with a value of R1 109
million.
The board of directors ("Board") is pleased to announce the audited
consolidated annual financial results for the year ended 30 June 2024.
Financial Results
Financial capital
Rentals and recoveries R140.334 million (2023: R128.439 million)
Operating Profit R89.491 million (2023: R77.468 million)
EPS 91.82 cents (2023: 25.44 cents*)
HEPS 46.54 cents (2023: 93.22 cents*)
Operating profit margin 63.8% (2023: 60.3%)
Cost-to-income ratio 34.9% (2023: 36.9%)
Net asset value of 1 668 cents per share (2023: 1 574 cents*)
Total third party liabilities R458.5 million (2023: R504.9 million)
Loans to value ratio (LTV) of 36.9% (2023: 41.6%)
* Restated
Manufactured capital
Total GLA 97 601m2 (2023: 97 601 m2)
DPS 14.5 cents (2023: 11.25 cents)
Leverage Ratio 0.35 times (2023: 0.46 times)
48% A Grade Tenants (2023: 52%)
Retention of 93.6% of tenants whose lease expired during the review period
(2023: 47.3%)
Declaration of final dividend no 70
The Board is pleased to announce the declaration of a dividend of 8.50
cents per ordinary share in respect of the year ended 30 June 2024 (2023:
7.0 cents), thus bringing the total dividend payable for the year to
14.50 cents (2023: 11.25 cents).
Declaration date Friday, 30 August 2024
Last date to trade to participate Tuesday, 22 October 2024
Trading commences ex dividend Wednesday, 23 October 2024
Record date Friday, 25 October 2024
Date of payment Monday, 28 October 2024
Share certificates may not be dematerialised or rematerialised between
Wednesday, 23 October 2024 and Friday, 25 October 2024, both days
inclusive.
Additional information:
This is a dividend as defined in the Income Tax Act, 1962, and is payable
from income reserves. The dividend withholding tax ("DWT") rate is 20%.
The net amount payable to shareholders who are not exempt from DWT is 6.80
cents per share, while the gross amount is 8.50 cents per share to those
shareholders who are exempt from DWT.
There are 42 405 133 (2023: 42 409 181) ordinary shares in issue; the
total dividend amount payable is R3 604 436 (2023: R2 968 643). Putprop's
tax reference number is 9100097717, and its company registration number is
1988/001085/06.
Notice of Annual General Meeting
Notice is hereby given in terms of the Companies Act, 2008 (Act 71 of
2008), as amended, that the Annual General Meeting ("AGM") of shareholders
of the Company will be held at Boardroom 1, 22 Impala Road, Chislehurston,
Sandton at 11:30 on Wednesday, 6 November 2024. The record date on which
shareholders of the Company must be registered as such in the Company's
securities register in order to attend and vote at the AGM is Friday, 1
November 2024. The last day to trade in order to be eligible to vote at
the AGM will accordingly be Tuesday, 29 October 2024.
Results Announcement
This results announcement is the responsibility of the directors of
Putprop. This results announcement does not include full or complete
details of the annual financial statements for the year ended 30 June 2024
("2024 AFS") released on SENS on 30 August 2024. Any investment decisions
by investors or shareholders in relation to the Company's shares should be
based on the consideration of the 2024 AFS as a whole. None of the
information in this announcement has been reviewed or reported on by the
Company's auditors.
The 2024 AFS have been audited by the Company's auditors, HLB CMA South
Africa, who have expressed an unqualified audit opinion thereon. The audit
opinion, which is incorporated in the annual report is available on the
JSE cloudlink:
https://senspdf.jse.co.za/documents/2024/jse/isse/ppr/ye24.pdf
and on the Company's website at:
https://putprop.co.za/wp/investors/#latest-reports
30 August 2024
For and on behalf of the Board
Directors:
Bruno Carleo (Chief Executive Officer)
James Smith (Chief Financial Officer)
Daniele Torricelli*^ (Chairman)
Hayden Hartley*^
Rene Styber*^
Gerrit van Heerden*^
* Independent
^ Non-executive
Registered and Postal Address:
Putprop House, 22 Impala Road, Chislehurston, Sandton, 2196
Company Secretary:
Acorim Proprietary Limited, 13th Floor, Illovo Point, 68 Melville Road,
Illovo, Sandton, 2196
Sponsor:
Merchantec Capital, 13th Floor, Illovo Point, 68 Melville Road, Illovo,
Sandton, 2196
External Auditors:
HLB CMA South Africa, No.1 2nd Road, Halfway House Estate, Midrand, 1685
Transfer Secretaries:
Computershare Investor Services Proprietary Limited, Rosebank Towers, 15
Biermann Avenue, Rosebank, 2196
www.putprop.co.za
Date: 30-08-2024 05:38:00
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