Shareholders are advised that Stenprop’s integrated annual report (the “annual report”), incorporating the audited annual financial statements for the year ended 31 March 2016, was dispatched to shareholders today, 10 August 2016. The audited annual financial statements contain no changes from the provisional annual results which were released on SENS on 9 June 2016 and which are available on the Company’s website.
The annual report is accompanied by a notice of annual general meeting for Stenprop shareholders, which will be held at Kingsway House, Havilland Street, St Peter Port, Guernsey, GY1 2QE on Wednesday, 14 September 2016 at 9:30 am BST.
Stenprop would like to highlight the Company’s outlook post Brexit on page 23, 24 and 33 respectively.
“Our Sterling denominated portfolio consists of high quality, multi-let properties which are fully let to sound tenants with an average weighted unexpired lease term of 6.8 years. It comprises 42% of our overall portfolio. It has no exposure to any development risk and has no vacancies. It has been fully refinanced and has a current loan to value of 42% and a weighted average loan duration to maturity of 3.6 years. As such, we do not anticipate any negative impact on the earnings in the local Sterling currency. The impact of translating Sterling earnings into Euros, being our reporting currency, is discussed in the report”.
“Stenprop is well positioned to navigate its way through the possible Brexit economic consequences, and will seek to take advantage of opportunities that may arise as the process unfolds,” commented Paul Arenson, Chief Executive Officer.