CAPE TOWN – Arrowhead Properties on Monday revised its dividend guidance for the year to end September downwards by 1.73 cents to 56c per share.
In March Arrowhead said its forecast showed that it would declare a dividend of 57.73c per share compared to a comparable period last year after taking into account the effect of Edcon’s recapitalisation and restructuring as well as excluding any contribution from its holding in Rebosis Income Fund.
However, Indluplace said last week it expected its dividend for the period to be 20 percent below the previous year, while the previous guidance was for a reduction of only up to 10 percent.
Arrowhead has a 60 percent interest in Indluplace Properties. The reduced guidance would have a relatively small impact on Arrowheads’ expected income for distribution for the full year, Arrowhead management said yesterday.
Arrowheads’ dividend for the half year to March was expected to be 27.8c per share. It said its direct property portfolio continued to trade well, and in line with expectations, in difficult circumstances. Arrowhead is expected to release its half-year results this month.