STENPROP LIMITED announces its results for the year ended 31 March 2015

Hamilton, Bermuda:  10 June 2015 – Stenprop Limited (the “Company” or “Stenprop”; Ticker: STP.BH) announces its results for the year ended 31 March 2015 ("the reporting date").  An extract from the Financial Statements is as follows:

Stenprop Limited (formerly GoGlobal Properties Limited) which has a primary listing on the Bermuda Stock Exchange and a secondary listing on the Alternative Exchange of the Johannesburg Stock Exchange ("AltX"), presents its results for the year ended 31 March 2015 ("the reporting date")

Highlights

Financial

-           A dividend of 4.2 cents per share, delivering a return of 3.06% (annualised: 6.12%) on the Stenham Transaction issue price of EUR1.37 for the six months since completion

-           Pro forma diluted adjusted EPRA EPS of 9.81 cents, equating to an earnings yield of 7.16% on the Stenham Transaction issue price of EUR1.37 or an earnings yield of 5.95% on the EPRA net asset value per share of EUR1.65 at 31 March 2015 (pro forma means calculated as if the purchase of the property companies forming part of the Stenham Transaction had completed on 1 April 2014). Diluted IFRS EPS was 28.37 cents (2014: Loss of 7.02 cents)

-           EPRA net asset value per share of EUR1.65, an increase of 20.44% on the Stenham Transaction issue price of EUR1.37. IFRS net asset value per share was EUR1.59 (2014: EUR1.32)

-           Cash balances of approximately EUR20 million available for investment following completion of post year-end and committed transactions

Operational

-           Completion of the Stenham Transaction on 2 October 2014 which included interests in 45 properties in Germany, Switzerland and the United Kingdom with a gross value on the date of completion of EUR683.5 million

-           Acquisition of Trafalgar Court, a modern A-grade multi-let office building in Guernsey for a price of GBP61.4 million (EUR83.9 million) in March 2015 with GBP30 million (EUR41 million), funded through bank debt and the balance from available cash

-           Disposal of Chiswell Street, a multi-let office block located in London, for a price of GBP48 million (EUR65.2 million) in March 2015, delivering a net gain of GBP3.5 million (EUR4.5 million) over the 30 September 2014 valuation

-           Subsequent to year-end:

-           the completion in May 2015 of the acquisition in a 50:50 joint venture of 25 Argyll Street, a multi-let office building located in the heart of London's West End, opposite the Apple Store in Regent Street, for GBP75 million (EUR104.0 million)

-           the notarisation in May 2015 of Hermann Quartier, a retail shopping centre located in the high street of Neukoelln, Berlin for EUR22.7 million

-           the refinancing in May 2015 of two London properties, Euston House and Pilgrim Street, on favourable terms

Corporate

-           Completion of the Stenham Transaction in October 2014 in which 232,916,809 Stenprop ordinary shares were issued at a price of EUR1.37 per share

-           Private placement of 23,333,334 new Stenprop ordinary shares at an issue price of EUR1.50 per share in March 2015

-           Strengthening of the board with the appointment of Paul Arenson as CEO, Patsy Watson as CFO and Neil Marais as executive director, the appointment of Michael Fienberg and Stephen Ball as non-executive directors in October 2014, and the appointment of Mandy Yachad as a non-executive director in December 2014

For more information the Financial Statements can be found using the following link:

www.bsx.com/CompanyDocuments/2015%20Financials/Stenprop%20Annual%20financial%20statements%20March%202015%20_FINAL.pdf

Correspondence address

Stenprop Limited

Kingsway House

Havilland Street

St Peter Port, GY1 2QE

Guernsey, Channel Islands

10 June 2015

South African corporate advisor and JSE sponsor

Java Capital

Bermuda Stock Exchange sponsor

Appleby Securities (Bermuda) Ltd.

STENPROP LIMITED

(Formerly GoGlobal Properties Limited)

(Incorporated in Bermuda)

(Registration number 47031)

BSX share code: STP.BH    JSE share code: STP   

ISIN:  BMG8465Y1093