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Osiris Properties International Ltd. Releases Q1 2014 Results (Excerpt)
Hamilton, Bermuda – 27 February, 2014 – In a filing with the Bermuda Stock Exchange (“BSX”), Osiris Properties International Ltd. (the “Company” or “Osiris”; Ticker: OPI.BH), today released its Q1 2014 results to 30 November, 2013. The filing stated:
“ABRIDGED UNAUDITED CONSOLIDATED RESULTS FOR THE THREE MONTHS ENDED 30 NOVEMBER 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 Trito Petersfield Limited, which owns a residential property in the United Kingdom, with effect from 1 June 2013. 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.
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 three months ended 30 November, 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, Deloitte & Touche BVI. The accounting policies adopted are consistent with those published in the audited annual financial statements for the year ended 31 August, 2013.
By order of the Board
Serge Richard Peter Todd
Chairman Chief Executive Officer
Registered office
Williams House, 20 Reid Street, Hamilton, Bermuda, HM11
Directors: Serge Richard (Independent non-executive chairman), Peter Todd (Chief Executive Officer), Nicolaas Faure (Finance director), Julie Lamberth-Dawson (Executive director), James Keyes (Independent non-executive director),
David Brown (Independent non-executive director), Tiffany Purves (Independent non-executive director).
The full text of this release including unaudited financial results are available via the Company's web-site www.osirispropertiesint.com or www.bsx.com
JSE sponsor: Java Capital
For more information contact the Bermuda Listing Sponsor:
Global Custody & Clearing Ltd.
Attn: Mr. Grant Hopkins Tel: (441) 294-7039