Highlights
IFRS loss after tax of $20.6 million (30 June 2014: profit of $45.3 million);
Underlying earnings after tax down 10% to $34.5 million;
Revaluation deficit on property portfolio of $51 million;
Investment portfolio 89% let;
Cash balance of $247 million today;
Basic underlying earnings per share down 4% to 5.04 cents;
Adjusted diluted net asset value per share down 4% to 102 cents;
Proposed distribution of 1p by way of tender offer buy back of 1 in 47 shares at 47p.
Glyn Hirsch CEO said, "We have adopted a defensive strategy in the light of the difficult economic conditions we are facing. Our emphasis is on cash-flow and long term security."
Tender offer
We propose to distribute income by way of a tender offer buy back and intend to pay the equivalent of 1p per share by way of an offer of 1 in 47 shares at 47p (30 June 2014: 2.5p by way of 1 in 30 shares at 75p). Shareholders will be permitted to over tender if they so wish. This will result in a maximum cash distribution of $10.9 million (30 June 2014: $30.5 million) at today's exchange rate.
