Apexhi Delivers 15,6% Growth In Distributions For Third Quarter

Posted On Wednesday, 02 May 2007 02:00 Published by eProp Commercial Property News
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Apexhi on track to produce best annual results to date

Gerald LeissnerApexHi Properties Limited has declared a quarterly distribution of 70,5 cents for the third quarter 1 January 2007 to 31 March 2007 – a 15,6% increase in distributions compared to the third quarter in 2006.

The A units receive 45% of the distributable income, which amounts to 31,72 cents (2006: 27,45 cents), while the B units receive 55% of the distributable income, equating to 38,78 cents (2006: 33,55 cents). The C units receive no distributable income at this stage.

The distribution is 5% higher than the first quarter distribution of 67 cents, but lower than the second quarter distribution of 73 cents, which included a once-off profit equating to six cents per combined unit arising from the repayment of the Matemeku loan.

The total distribution for the nine months ended 31 March 2007 amounts to 94,72 cents (2006: 80,10 cents) per A unit and 115,78 cents (2006: 97,90 cents) per B unit. This equates to an 18% growth in distributions compared to the nine months ended 31 March 2006.

ApexHi CEO Gerald Leissner says the company is on track to deliver growth of at least 16% in distributions for the year ended 30 June 2007.

The C units do not participate in the distributions until the quarterly distribution exceeds 75 cents. When this threshold is reached, which is expected some time next year, the A units will receive the first 33,75 cents per quarter; the B units will receive the next 41,25 cents per quarter; and the C units will receive the balance of the income distribution.

“At this stage, the A and B units will not achieve any growth in distributions. This means for unit holders to participate in future growth, investors need to hold both A and C units, or both B and C units,” explains Leissner.

When the total quarterly distribution exceeds 93,75 cents, the A, B and C units share in the distribution in a ratio of 36:44:20.

The last day to trade cum interest is Friday 18 May 2007, and payment will be made on Monday 28 May 2007.

Last modified on Thursday, 24 April 2014 17:29

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