TRP121: Notification of an acquisition of beneficial interest in securities 01 Jul 2020. Interest rate reset: RDFB08 30 Jun 2020. We continually revise our forecasts over time as new information becomes available.
We also need a system where employees and management are not incentives through share options.Just like Hammerson in the UK and all their European assets not paying dividends.Redefine CEO Andrew Konig blamed the 32% decline in distributable income per share largely on the fact that the group’s offshore investments – EPP in Poland and Redefine International (RDI) in the UK – did not pay-out dividends due to Covid-19 uncertainty.No wonder the share price is where it is“This would have still been in-line with our revised guidance, issued during our pre-close presentation in February, that distributable income per share for the 2020 financial year was expected to be between 5% to 7% lower,” he said.Konig noted that Redefine expects a “tale of two halves” for its 2020 financial year, with the second half (to the end of August) likely to be even tougher, due to the Covid-19 economic impact.Questioned by Moneyweb on whether Redefine’s South African portfolio also saw a decline in distributable income, Konig conceded that excluding its offshore investments, the group would have still seen a decline in distribution per share of around 5%.“One would expect that disposals [to bring down its LTV] in this market will be very tough, but there is some confidence they can get some of their offshore asset sales away…. Market Statistics are calculated by Sharenet and are therefore not the official JSE Market Statistics. We therefore strongly encourage you to use our suite of digital tools and trading platforms for your financial needs. That’s why the new Sovereign Wealth fund will help South Africa in the long term.A 32% decline in income, 74% collection rate of rental in April(likely to decrease) with 40% + gearing…covenants and reit status must be making them sweat..The system whereby in good times companies pay massive bonuses and dividends but when tough times arrive they go austere on workers and re-price the hired help’s incentive scheme (or pay fines for the former hired help’s illegal actions from shareholder funds) must stop.Meanwhile, Konig said that rental negotiations with major clothing retailers, related to the lockdown period, are still ongoing through the Property Industry Group initiative. It also withdrew its guidance for the year.If President Cyril Ramaphosa really believes tourism is an apex sector for job creation, he needs to take the industry more seriously.“Given the unprecedented and fluid market conditions, property fundamentals both domestically and globally, are going to be challenged for the rest of 2020 and beyond,” he said.We need a system whereby companies are forced to put away more for the rainy daysThat system is called prudent long term risk management, but many SA REITs are run by short-termistic investment bankers / gangsters, and they used to be only measured on distributions rather than quality / sustainability of cashflows. All CFDs (stocks, indexes, futures), Forex and crypto currencies prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. VIEW . 21 Jul 2020.
There is less of a focus on distributable income in the short term given the current lockdown and uncertainty around the Covid-19 pandemic.”Konig said while Redefine has collected more than 74% of its rental (for its entire portfolio) due for April, rentals for May and June are expected to be impacted.
As soon as the situation changes, we will advise you, our valuable clients accordingly.© 2020 SHARENET (PTY) Ltd, Cape Town, South AfricaAs the world continues to face challenges in dealing with the Coronavirus (COVID-19) pandemic, we are taking steps to provide some safety measures to our clients and staff.Given the wide-ranging impact of the pandemic and in line with advice from government and the World Health Organisation (WHO), limiting unnecessary human contact is an invaluable precaution. Shellshocked South Africans face an extra hit from the coronavirus crisis after JSE-listed companies decided to halt more than R100 billion in dividends so far in 2020. Crypto currencies are not suitable for all investors.