Country’s largest property firm wants to avoid a weakening of the net asset value per share
Growthpoint Properties SA CEO Estienne de Klerk. Picture: ROBERT TSHABALALA
This is because the denominator value of the NAV per share metric would increase but the assets would remain the same. In its financial results for the six months to December 2018, Growthpoint told its shareholders that its board had agreed to offer shareholders “a dividend reinvestment alternative”. But on Monday the group said based on market conditions and its share price, the board has decided not to continue with offering the election for shareholders to reinvest the interim dividend in new Growthpoint shares.
“As their share price is less than their NAV per share, issuing new shares would result in a lowering of their NAV per share,” he said.
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