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Vukile dividend in line with JSE rules

Vukile East Rand mall property.Photo Supplied

Vukile East Rand mall property.Photo Supplied

Published Sep 25, 2020

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By Philippa Larkin

JOHANNESBURG - Vukile Property Fund said on Wednesday it had now declared a final dividend in line with the latest JSE regulation requirements in spite of the torrid Covid-19 impact on the economy.

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The group said it expected to retain a strong solvency and liquidity position.

It declared a final dividend of 48.19 cents a share for the year to end-March.

The real estate investment trust (Reit) had cash balances of R920million in hand, but undrawn debt facilities in excess of R1.8 billion, it said.

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In addition, Vukile had R7.9 billion of unencumbered assets.

The JSE informed the market on Wednesday that the Financial Services Conduct Authority had advised the JSE that it was not in a position to consent to the SA Reit Association’s request to the JSE to provide Reits with certain temporary exemptions regarding the minimum distribution requirements.

Last month, Vukile advised its shareholders that it had deferred the declaration of its final dividend until no later than September 29.

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The group is expected to hold its annual general meeting (AGM) next month.

Vukile rose 3.72 percent on the JSE on Wednesday to close at R4.46.

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