Rebosis Property Fund, the black managed and owned real estate investment trust which was listed in 2011, waited until after the equity markets closed on Friday to release a dire trading statement, which warned its A- and B-share dividends would fall 52% on a combined basis, in the year to August. This was the largest drop in dividend growth in the history of the  company,  founded and managed by entrepreneur Sisa Ngebulana.

Distributable income for the year to end-August is expected to be 52% to 62% lower than that of the previous year. The dividend per A share for the year will continue to attract a guaranteed distribution growth of 5% in line with Rebosis’s dividend policy but the dividend per B Share for that period is expected to be 22c to 24c, being 74% to 76% lower than previously. Rebosis blamed an increase in the cost of debt due to its high loan-to-value ratio; the cancellation of a cross-currency derivative because of the reduced value of its foreign investment...

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