“At the time of listing in February, we were unable to take ownership of twelve properties, valued at R55,2m due to delays in obtaining rates clearance certificates from various Municipal Authorities”, says Nick Harris, CEO of Ambit.    However, this has not affected Ambit's profit forecasts of annualised yields of 12% for the first 8 months to year end 30th September 2004, and 12.75% for the first 12 month period as set out in the prospectus.  This yield should be compared with the historic yields of the Property Unit Trust ("PUT") and Property Loan Stock ("PLS") sectors, which are in the 10.5% - 11.5% range.

Our unitholders will not be prejudiced as Ambit has  from the date of transfer accrued income related to the value of the units which all qualify for distribution from the listing date of 4th February 2004”.   All units were issued at 200 cents per unit.

Ambit has a diverse investor portfolio of 589 public shareholders with only 2 investors holding more than 10% of the share capital providing  the potential for good tradability.  Approximately 4,4 million (2,85%) of its units traded in February indicating  an appetite for this well diversified quality stock. 

“The majority of the South African listed property companies who have announced results in the last two months have shown growth in distribution.  This indicates that the underlying property fundamentals are improving and the sector looks set to provide investors with good income growth after several years of capital appreciation”, concludes Harris.
Ends.

CONTACT:  NICK HARRIS – CEO AMBIT PROPERTIES LIMITED
TEL: 031-366-1228 CELL:  083-700-2643

DISTRIBUTED BY: DIANE RHYNES
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