11 Feb 2009 10:42
Daejan Holdings PLC
11 February 2009
DAEJAN HOLDINGS PLC
INTERIM MANAGEMENT STATEMENT
Daejan Holdings PLC (the Company) presents its interim management statement for the period ending 31 December 2008 as required by the UK Listing Authority's Disclosure and Transparency Rule 4.3.
The Company published its Interim Report on 26 November 2008 for the half year to 30 September 2008. This interim management statement summarises any further relevant information for the third quarter of the current financial year.
Since the interim results were published in November we have purchased an additional residential property in Tampa, Florida comprising 258 flats for $14.5 million.
Our Interim Results included a write-down of the value of our property investment portfolio of £130m. It is likely that the revaluation due as at 31st March will, in line with the continued decline in property values, produce further write-downs.
The property market reflects the strains evident in the general economy. We are experiencing an increase in the number of void units particularly in the retail and office sectors. A small number of our lessees have gone into administration and there has been a rise in tenant defaults. These situations are being closely monitored.
Despite these matters, our conservative business model is standing us in good stead and our Group continues to benefit from a strong financial position with performance in line with expectations and no material fall in rental income.
Although there are opportunities to add to our property investment portfolio whilst prices are depressed the scarcity of long term loan funding at competitive rates remains a concern.
The refurbishment of an office building in Worship Street in the City of London is on the point of practical completion and about to be marketed for letting.
The redevelopment of our property in Great Marlborough Street in the West End is due to complete in June with a marketing campaign to follow.
As previously reported an interim dividend for the year ending 31 March 2009 has been proposed for payment on 6 March 2009. To qualify for the dividend shareholders must be on the register on 6 February 2009.
For further information call:
| Mark Jenner |
| Company Secretary |
| Daejan Holdings PLC |
| 020 7836 1555 |
| Terry Garrett |
| Weber Shandwick |
| 020 7067 0700 |