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Osiris Properties International Limited Releases Abridged Unaudited Consolidated Results for the Period Ending 28 February, 2014
Hamilton, Bermuda: 11 March 2014 – In a filing with the Bermuda Stock Exchange (“BSX”), Osiris Properties International Limited (the “Company”; Ticker: OPI.BH) released the abridged unaudited consolidated financial results for the six month period ended 28 February 2014:
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 United Kingdom (“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 UK, 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 six months ended 28 February 2014 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
Bermuda
11 March 2014
Property information
|
Property address |
Properties (No.) |
Lettable Area (sq ft) |
Market Value as at 28 February 2014 (£) |
Annualised gross rental income (£) |
Sector |
Occupancy (%) |
Net initial Yield (%) |
|
15-17 The Square, Petersfield, GU32 3HP, England |
1 |
1,940 |
735,000 |
39,400 |
Residential |
100.0 |
4.7 |
|
Total |
1 |
1,940 |
735,000 |
39,400 |
|
100.0 |
4.7 |
abridged Consolidated Statement OF COMPREHENSIVE INCOME
For the six months ended 28 February 2014
|
|
|
|
|
|
|
|
|
Unaudited Six months |
Unaudited Six months |
Audited Year |
|
|
|
Ended |
Ended |
Ended |
|
|
|
28 February 2014 |
28 February 2013 |
31 August 2013 |
|
|
|
£ |
£ |
£ |
|
Revenue |
|
|
|
|
|
Gross rental income |
|
19,050 |
36,427 |
66,440 |
|
Total revenue |
|
19,050 |
|
66,440 |
|
Expenses |
|
|
|
|
|
Administrative expenses |
|
(7,300) |
(15,597) |
(23,822) |
|
Investment management and professional fees |
|
(21,287) |
(13,544) |
(70,660) |
|
Property operating expenses |
|
(5,340) |
(2,547) |
(9,578) |
|
Net operating income |
|
(14,877) |
4,739 |
(37,620) |
|
Net fair value gain on investment property |
|
- |
- |
- |
|
Profit from operations |
|
(14,877) |
4,739 |
(37,620) |
|
Interest income |
|
34 |
224 |
475 |
|
Interest expense |
|
- |
(15,270) |
(23,031) |
|
Foreign currency gain / (loss) |
|
193 |
(1,554) |
(6,569) |
|
Loss for the period before tax |
|
(14,650) |
(11,861) |
(66,745) |
|
Taxation |
|
- |
- |
- |
|
Loss for the period attributable to shareholders |
|
(14,650) |
(11,861) |
(66,745) |
|
Other comprehensive income |
|
- |
- |
- |
|
Total comprehensive income for the period attributable to shareholders |
|
(14,650) |
(11,861) |
(66,745) |
|
|
|
|
|
|
|
Actual number of shares in issue ('000) |
|
664,180 |
664,180 |
664,180 |
|
Weighted average number of shares in issue ('000) |
|
664,180 |
664,180 |
664,180 |
|
Basic loss per share (pence)* |
|
(2.21) |
(2.32) |
(10.05) |
|
Headline loss per share (pence)* |
|
(2.21) |
(2.32) |
(10.05) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of loss and headline loss: |
|
|
|
|
Loss for the period attributable to shareholders |
(14,650) |
(11,861) |
(66,745) |
|
Net fair value gain on investment property |
- |
- |
- |
|
Headline loss attributable to shareholders |
(14,650) |
(11,861) |
(66,745) |
* The Company does not have any dilutionary instruments in issue.