Bonatla Property H1 HEPS seen 120%-130% higher

Bonatla Property Holdings (BNT) advised on Thursday that headline earnings per share for the six months ended June 30 2013 are expected to improve by between 120% and 130%‚ from the headline loss per share reported for the previous six month period.

Earnings per share are expected to reflect a decline of between 80% and 90% compared to the previous six month period.

Bonatla was listed in October 1997, and by 2000 had assembled a high quality portfolio of R800m. After a uneventful period of external management by Catalyst, the board disposed of its entire property portfolio
to Momentum/Emira and returned 50c per share capital to shareholders.

A November 12th 2006 “Top 100” survey published in the Sunday Times showed that Bonatla was rated as 7th overall with an 89.50% return on equity compound growth  over 5 years.

As the company had effectively become a cash shell following the sale of the portfolio, the JSE suspended trading of the shares in accordance with their rules.

The company changed control and a new board took over in January 2005. Under the new leadership the company was restructured.

Assets were assembled and a number of agreements were entered into for acquisitions and leasing transactions. Details of these were included in a circular to shareholders in August 2009, and following approval of shareholders, the JSE lifted the suspension of the share on 17th August 2009.