Vunani expects second half-year distribution to be 15% higher
JSE-listed Vunani Property Investment Fund (VPIF) expects its second half-year distribution to increase by more than 15% when compared with distribution for the year ended June 30, 2013.
The company reported on Wednesday that it was currently finalising its results for the year ended June 30, 2014, and when compared with the previous year’s financial information, the directors foresaw a distribution for the six months to June 30 of between 44c and 46c and for the year ending June 30 of between 84c and 86c a share.
VPIF advised that, having regard to the nature of its business, it will continue to adopt distribution a share in future as the base information for trading statement purposes.
The financial information on which the trading statement was based had not yet been reviewed or reported on by the company’s auditors, while VPIF’s results for the year ended June 30 were expected to be released by August 25.
CHANGES TO THE BOARD AND SUBCOMMITTEES
VPIF has appointed two new nonexecutive directors, Nosiphiwo Balfour and Thando Sishuba, to the board, effective June 30.
Balfour has been appointed the chairperson of the social and ethics committee.
Her career in property started in 2005 with the completion of her BSc honours degree in property studies and included institutional business development at Investec Asset Management.
Sishuba has been appointed as a member of the audit and risk committee, with Portia Tau-Sekati having resigned as member of the audit and risk committee.
Sishuba has been involved in the South African property industry in different capacities for over 15 years and has been involved with major acquisitions and transactions. Sishuba is currently serving as the head of Imperial Properties.
The board welcomed the incoming directors and wished them a long and happy stay as directors of the company.
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