Press Release
For immediate release 11 January 2012
Emira Property Fund embarks on PI repurchase programme
Emira Property Fund has been given approval by its Board to
repurchase up to R75m of its own participatory interests
(PIs) in the market in a move that could be earnings
enhancing for the fund.
Emira's management was given approval for the repurchase
programme at a Board meeting in October last year, while
Emira PI holders also voted overwhelmingly in favour of the
fund being able to repurchase its own PIs at the fund's
annual general meeting in November 2011.
Emira CEO, James Templeton, notes that because of the current
expected yield on its JSE-traded PIs, the programme is likely
to boost the fund's earnings for the financial year to end
June 2012. The PIs will be cancelled once they have been
repurchased.
During the past 12 months the Emira Property Fund has
disposed of a number of non-core properties worth around
R200m. The proceeds from these sales will be used to fund the
growth of the portfolio as well as for the repurchase of its
PIs in terms of the programme.
A Sens announcement to this effect was released by the fund
on the 30th December, prior to entering its
closed period, in line with the JSE Listing Requirements.
Ends
ISSUED BY: GRAY CORPORATE & INVESTOR RELATIONS Graham Fiford Tel: (011) 442 9019; Cell 083 391 2459
ON BEHALF OF: EMIRA PROPERTY FUND
James Templeton Tel: (011) 775 1320
distribué par | Ce noodl a été diffusé par Emira Property Fund et initialement mise en ligne sur le site http://www.emira.co.za. La version originale est disponible ici. Ce noodl a été distribué par noodls dans son format d'origine et sans modification sur 2012-01-12 11:43:14 AM et restera accessible depuis ce lien permanent. Cette annonce est protégée par les règles du droit d'auteur et toute autre loi applicable, et son propriétaire est seul responsable de sa véracité et de son originalité. |
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