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Atlantic Leaf to pursue further acquisitions
Releasing the first quarter results, the company said it was also pleased that there was now a solid asset base of income producing assets, from which to grow the company.
Adjusted headline earnings per share of 1.76 pence for the first quarter to May 2015 was in line with its expectations, Atlantic Leaf said.
The Mauritian-based property company, which is listed on the JSE, said it concluded the acquisition of the British Capital portfolio at the beginning of this quarter and these assets contributed positively to the return.
Subsequent to the quarter end, the company successfully raised £30.4 million of new capital by issuing 12.4 million shares on the Stock Exchange of Mauritius (SEM) at £1.10 per share and 15.2 million shares on the JSE at R20.54 per share.
"This capital raise sees the company now well capitalised and positioned for further growth," Atlantic Leaf said.
The company also made two significant acquisitions subsequent to quarter end.
On July 1, it concluded the purchase of seven new properties at a total value of £18.1 million with an expected forward yield of 7.4%. On July 2, in a follow on acquisition, the company acquired the balance of the Booker portfolio 70% at a gross property value of £89.4 million and a forward yield on the property of 8.1%.
Source: INET BFA
Source: I-Net Bridge
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