NAV Per Share Correction
16/08/2022 11:15
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RNS Number : 1917W Industrials REIT Limited 16 August 2022
INDUSTRIALS REIT LIMITED
(Formerly Stenprop Limited)
(Registered in Guernsey with registration number 64865)
LSE share code: MLI JSE share code: MLI
ISIN: GG00BFWMR296
("Industrials REIT" or the "Company")
16 August 2022
Correction: 2022 Annual Financial Report
The reader is referred to the announcement of the Company's Preliminary
results for the year ended 31 March 2022 (released 07:00 on 10 June 2022) and
No Change Statement and Annual Report Publication (released 15:00 on 10 June
2022).
In accordance with IAS 33 - Earnings Per Share, the number of vested share
options was included in the weighted average number of basic shares line
rather than the share-based payment award shares line in Note 14 (Earnings per
share) to the Company's Consolidated Financial Statements for the year ended
31 March 2022 (the "2022 Financial Statements"). In Note 15, however, to
calculate Net Asset Value (NAV) per share the number of vested share options
should have been included within the share-based payment award shares line.
The number of dilutive shares in Note 15 erroneously omitted the full amount
of dilutive share options and instead linked directly to the share-based
payment award shares line in Note 14.
Note 15 to the 2022 Financial Statements - Net Asset Value metrics per share,
should be reported as follows:
· Share-based payment award shares of 1,181,961 should have been
reported as 3,653,918 shares.
· The total Diluted number of shares in issue of 293,436,174 should
have been reported as 295,908,131 shares.
Net assets attributable to equity shareholders remains unchanged.
The change in the total Diluted number of shares decreases all NAV per share
metrics as at 31 March 2022 by 2p per share:
31 March 2022 IFRS EPRA NRV EPRA NTA EPRA NDV
£ £ £ £
Diluted NAV per share - reported 1.78 1.93 1.77 1.78
Diluted NAV per share - amended 1.76 1.91 1.75 1.76
In addition, the 2022 Annual Report quoted Total Accounting Return as 25.0%.
This should have been reported as 23.6% as a result of the reduced NAV per
share metric following the adjustment to the Diluted number of shares reported
above.
The Company's auditor has confirmed that this is not regarded as a material
misstatement in the 2022 Financial Statements, and the 2022 Financial
Statements will not be restated. All other disclosures in the 2022 Annual
Report remain unchanged. Disclosure of the correction will be made in the FY23
interim financial statements.
For further information:
Industrials REIT Limited +44(0)20 3918 6600
Paul Arenson (paul.arenson@industrials.co.uk)
Julian Carey (julian.carey@industrials.co.uk)
James Beaumont (james.beaumont@industrials.co.uk)
Numis Securities Limited (Financial Adviser) +44(0)20 7260 1000
Hugh Jonathan
Vicki Paine
FTI Consulting (PR Adviser) +44(0)20 3727 1000
Richard Sunderland
Richard Gotla
Neel Bose
industrialsreit@fticonsulting.com (mailto:industrialsreit@fticonsulting.com)
Java Capital +27 (0)11 722 3050
(JSE Sponsor)
About Industrials REIT:
Industrials REIT is a UK REIT with a primary listing on the London Stock
Exchange and a secondary listing on the Johannesburg Stock Exchange. The
objective of the Company is to deliver a combination of sustainable growing
income and growth in value to its investors. Industrials REIT focuses on
owning and operating a diversified portfolio of UK purpose built multi-let
industrial (MLI) estates across the UK. The Company aspires to be the leading
MLI business in the UK. For further information, go to
www.industrialsreit.com.
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