Putprop Limited’s major tenant not renewing 4 leases

Posted On Wednesday, 02 September 2015 09:31 Published by
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Putprop Limited’s rental income set to suffer as major tenant, Larimar Limited, not renewing leases.

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Shareholders are advised that Putprop has received a formal notification from Larimar Limited, the major contributor of the Group’s contractual rental income, that they will not renew leases of four of the properties currently occupied by them.

This will result in a loss of rental income of approximately 35% going forward from January 2016.

Putprop is fortunate to have large cash reserves which are available to pursue suitable rental producing properties to counter this effect.

In addition, the management of Putprop has begun the process of aggressively marketing these properties to source new tenants.

Earnings per share is expected to be between 169.07 cents and 218.73 cents, reflecting a decrease of between 11.90% and 31.90% compared to the EPS of 248.30 cents for the year ended 30 June 2014.

Headline earnings per share is expected to remain in line with the HEPS of 86.30 cents for the year ended 30 June 2014 and not breach the 20% threshold.

Last modified on Wednesday, 02 September 2015 09:54

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