REIZ Managing Director: Robin P.S. Miller
In accordance with the Lusaka Stock Exchange Limited (“LuSE”) Listings Requirements, the Board of Directors advises the Shareholders of Real Estate Investments Zambia PLC (“the Company”) that for the six-month period ended 30 June 2014, the basic earnings per share is expected to be 1185% higher, and the headline earnings per share is expected to be 7% lower, than those for the six-month period ended 30 June 2013.
The material movement is attributed primarily to change in fair value of investment property following change of revaluation policy in 2014 from annual to semi-annual revaluation. The Directors are of the opinion that the change is expected to be of a permanent nature, and have therefore decided to make the adjustments with immediate effect.
Shareholders are advised that the information contained in this trading statement has not been reviewed or reported on by the external auditors of the Company. The Company expects its results for the six-month period ended 30 June 2014 to be released on SENS and published in the local press on or about Friday, 19 September 2014. Accordingly, shareholders are advised to exercise caution when dealing in the Company’s securities until publication of the results.
Lusaka, Zambia - 18 September 2014