Our Investor Community enables you to discuss, analyse, blog, live chat and engage with likeminded people on JSE and USA-listed companies and more. FREE to join!
- News Home
HERIOT REIT LIMITED - Unaudited condensed consolidated financial statements for 6 months ended 31 December - changes to board committees
Unaudited condensed consolidated financial statements for 6 months ended 31 December - changes to board committees HERIOT REIT LIMITED (Incorporated in the Republic of South Africa) (Registration number: 2017/167697/06) (Approved as a REIT by the JSE) JSE share code: HET ISIN: ZAE000246740 ("Heriot" or "the company") SHORT-FORM ANNOUNCEMENT: UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2019 AND CHANGES TO BOARD COMMITTEES NATURE OF BUSINESS Heriot, a property holding and investment company listed in the "Diversified REITs" sector on the Alternative Exchange of the JSE Limited ("JSE"), is invested in industrial, retail, office, residential and specialised properties valued at R4,75 billion and situated in areas with high growth potential. The Group's primary objective is to develop or acquire yield-enhancing assets within South Africa to create a stable and diverse portfolio of assets for the purposes of generating secure and escalating net rental income. KEY FINANCIAL HIGHLIGHTS Unaudited for the Unaudited for the six Change six months ended months ended % 31 December 2019 31 December 2018 Dividend per share (cents) 40.75 39.50 3.2 Total assets (R000) 4,914 4,717 4.2 Net asset value per share (cents) 1,186.49 1,159.29 2.3 Gross revenue (R000) 264 226 16.8 Net profit after taxation (R000) 190 115 65.2 Earnings per shares (cents) 70.85 44.70 58.5 Headline earnings per shares (cents) 40.16 33.90 18.5 PAYMENT OF FINAL DIVIDEND The board of directors of Heriot ("board") has declared a final gross cash dividend of 40.75000 cents per share, for the six months ended 31 December 2019, out of the company's distributable income. The dividend is payable to Heriot shareholders in accordance with the timetable set out below: 2020 Last date to trade cum dividend Tuesday, 10 March Shares trade ex dividend Wednesday, 11 March Record date Friday, 13 March Payment date Monday, 16 March Share certificates may not be dematerialised or rematerialised between Wednesday, 11 March 2020 and Friday, 13 March 2020, both days inclusive. The dividend will be transferred to dematerialised shareholders' CSDP/broker accounts on Monday, 16 March 2020. Certificated shareholders' dividend payments will be posted or paid to certificated shareholders' bank accounts on or about, Monday, 16 March 2020. In accordance with Heriot's status as a REIT, shareholders are advised that the dividend meets the requirements of a "qualifying distribution" for the purposes of section 25BB of the Income Tax Act, No. 58 of 1962 ("Income Tax Act"). The dividend on the shares will be deemed to be a dividend, for South African tax purposes, in terms of section 25BB of the Income Tax Act. The dividend received by or accrued to South African tax residents must be included in the gross income of such shareholders and will not be exempt from income tax (in terms of the exclusion to the general dividend exemption, contained in paragraph (aa) of section 10(1)(k)(i) of the Income Tax Act) because it is a dividend distributed by a REIT. This dividend is, however, exempt from dividend withholding tax in the hands of South African tax resident shareholders, provided that such shareholders provide the following forms to their Central Securities Depository Participant ("CSDP") or broker, as the case may be, in respect of uncertificated shares, or the Company, in respect of certificated shares: a) a declaration that the dividend is exempt from dividends tax; and b) a written undertaking to inform the CSDP, broker or the Company, as the case may be, should the circumstances affecting the exemption change or the beneficial owner cease to be the beneficial owner, both in the form prescribed by the Commissioner for the South African Revenue Service. Shareholders are advised to contact their CSDP, broker or the Company, as the case may be, to arrange for the abovementioned documents to be submitted prior to payment of the dividend, if such documents have not already been submitted. Dividends received by non-resident shareholders will not be taxable as income and instead will be treated as an ordinary dividend which is exempt from income tax in terms of the general dividend exemption in section 10(1)(k)(i) of the Income Tax Act. Any distribution received by a non-resident from a REIT will be subject to dividend withholding tax at 20%, unless the rate is reduced in terms of any applicable agreement for the avoidance of double taxation ("DTA") between South Africa and the country of residence of the shareholder. Assuming dividend withholding tax will be withheld at a rate of 20%, the net dividend amount due to non-resident shareholders is 32,60000 cents per share. A reduced dividend withholding rate in terms of the applicable DTA may only be relied on if the non-resident shareholder has provided the following forms to their CSDP or broker, as the case may be, in respect of uncertificated shares, or the Company, in respect of certificated shares: a) declaration that the dividend is subject to a reduced rate as a result of the application of a DTA; and b) a written undertaking to inform their CSDP, broker or the Company, as the case may be, should the circumstances affecting the reduced rate change or the beneficial owner cease to be the beneficial owner, both in the form prescribed by the Commissioner for the South African Revenue Service. Non-resident shareholders are advised to contact their CSDP, broker or the Company, as the case may be, to arrange for the abovementioned documents to be submitted prior to payment of the dividend if such documents have not already been submitted, if applicable. Shares in issue at the date of the dividend: 255,395,858 (excluding 900,000 treasury shares) Heriot's income tax reference number: 9541295185 Where the transfer secretaries do not have the banking details of any certificated shareholders, the cash dividend will be held in trust by the transfer secretaries pending receipt of the relevant certificated shareholder's banking details where after the cash dividend will be paid via electronic transfer into the personal bank accounts of certificated shareholders. This short-form announcement is the responsibility of the directors of and the contents were approved by the board on 20 February 2020. This short-form announcement is a summary of the full announcement released on SENS on 20 February 2020 and does not include full or complete details. The short-form announcement has not been audited or reviewed by the company's external auditors. The full announcement is available on the company's website at: http://www.heriotreit.com/results-announcements.php. The full announcement can also be accessed using the following JSE link: https://senspdf.jse.co.za/documents/2020/jse/isse/HETE/HeriotFY19.pdf The full announcement is available for inspection at the registered offices of the company or its sponsor, at no charge, during office hours from Thursday, 20 February 2020 to Thursday, 27 February 2020. Any investment decision should be based on the full announcement available on the company's website. CHANGES TO BOARD COMMITTEES Shareholders are advised of the following changes to the audit and risk committee, the social and ethics committee and the investment committee with effect from 20 February 2020: - Mr NA Ngale has resigned as a member of the audit and risk committee; - Mr R Lockhart-Ross has been appointed to the audit and risk committee and the investment committee; and - Mr RL Herring has been appointed to the social and ethics committee. By order of the Board 20 February 2020 COMPANY SECRETARY CIS Company Secretaries Proprietary Limited (G Prestwich) REGISTERED OFFICE Suite 1, Ground Floor, 3 Melrose Boulevard, Melrose Arch, Johannesburg, 2196 PO Box 652737, Benmore, 2010 DIRECTORS SB Herring (Chairperson)*, RL Herring (CEO), JA Finn (CFO), SJ Blieden*†, T Cohen*†, R Lockhart-Ross*† NA Ngale*† *Non-executive †Independent TRANSFER SECRETARIES Computershare Investor Services Proprietary Limited DESIGNATED ADVISOR Java Capital Date: 20-02-2020 05:20:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.