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Osiris Properties International Limited Releases Unaudited Results for the Period ending May 31, 2013

Hamilton, Bermuda: 22 August, 2013 – In a filing with the Bermuda Stock Exchange (“BSX”), Osiris Properties International Limited (the “Company”; Ticker: OPI.BH) released the unaudited financial results for the 9 month period ended 31 May, 2013.

 

Osiris Properties was incorporated on 16 May 2012 in Bermuda with the primary objective of opportunistically acquiring good quality undervalued property assets (predominantly in the UK and Europe), in order to offer investors a high yielding, property investment. The Company’s primary listing is on the Bermuda Stock Exchange (“BSX”). It has a secondary listing on the Alternative Exchange of the JSE Limited (“AltX”).

 

REPORTING CURRENCY

 

The company’s results are reported in Pounds Sterling.

 

BUSINESS REVIEW

 

Osiris Properties has performed in line with expectations following its listing on the BSX and the AltX and the successful acquisition of Banstead Property Holdings Limited, which owns a retail property, with effect from 1 June 2012. Currently, this is the only property in the Group’s portfolio and as a result corporate administrative expenses are diluting earnings. This should improve as the portfolio is expanded.

 

Subsequent to the period end, as announced to the market on 29 July 2013, Osiris Properties has completed the purchase of a 100% shareholding in Trito Petersfield Limited for an agreed purchase price of £755,000. Osiris Properties also completed the sale of its 100% shareholding in Banstead Property Holdings Limited for an agreed disposal price of £631,822.

 

The purchase and the sale are in line with the company’s stated investment policy, to invest opportunistically in undervalued real estate assets. The company continues to actively seek potential properties with strong sustainable income from high quality tenants and which have leases with a high likelihood of being renewed on expiry.

 

 

 

 

 

CHANGES TO THE BOARD

 

On 26 April 2013, Sharon Ward resigned from the Board with immediate effect. David Brown and Tiffany Purves were appointed to the Board with immediate effect.

 

PROSPECTS

 

The Company remains committed to increasing its portfolio in the next financial year.

 

 

DIVIDEND

 

No dividend has been declared for the period under review.

 

BASIS OF PREPARATION

 

These abridged unaudited consolidated results for the nine months ended 31 May 2013 have been prepared in accordance with International Financial Reporting Standards, including IAS34 – Interim Financial Reporting, the rules of the BSX and the Listings Requirements of the JSE Limited.

 

 

ACCOUNTING POLICIES

 

The results below have not been audited or reviewed by the Company’s external auditors. The accounting policies adopted are consistent with those published in the Audited Annual Financial Statements for the period from incorporation on 16 May 2012 to 31 August 2012.

 

By order of the Board

 

Serge Richard                                                 Peter Todd

Chairman                                                        Chief Executive Officer

 

Bermuda

22 August 2013

 

Further details concerning the Company and this press release can be  accessed via the Company’s web-site:

 

 http://osirispropertiesint.com/sens/resultsMay2013.pdf

 

 

Bermuda Listing Sponsor:

Apex Fund Services Ltd.        Tel: (441) 292-1884