Atlantic Leaf focuses on diverse growth - CNBC Africa

Atlantic Leaf focuses on diverse growth


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Atlantic Leaf is listed on the Mauritian and Johannesburg Stock Exchanges. PHOTO: Getty Images

The company, which released results for the three months ended 31 May 2014, reported that current assets amounted to seven million British pounds for the period under review, and non-current assets amounting to 7.9 million pounds.

“Atlantic Leaf is pleased to have successfully concluded its first phase of capital raising and investment of proceeds into property-related investments. The company will look to raise further capital over the next three months to continue with its strategy of buying quality income-producing property assets and to grow the Company,” Atlantic Leaf said in a statement.

Atlantic Leaf is a Mauritius headquartered real estate company that is listed on the Mauritian and Johannesburg Stock Exchanges. The firm was incorporated on 11 November 2013.

(READ MORE: Atlantic Leaf to adopt dual strategy approach)

Operating expenses for the period under review were recorded at 42.8 million pounds, with the firm incurring a loss before taxation of 82.4 million pounds. Loss for the period amounted to 83.1 million pounds.

A basic loss per share and headline loss per share was recorded at 0.84 pence.

“Subsequent to the end of the period under review, the company exercised the option granted to it to acquire the remaining 40 per cent of Seahawk it did not already own, and concluded the acquisition thereof on 4 June 2014 for a consideration of 4.6 million pounds.  As a result, Seahawk is now a 100 per cent-owned subsidiary of the company,” Atlantic Leaf explained.

Seahawk Investments is a UK-based company that owns a 30 per cent interest in 30 retail warehouse properties in the UK.

Total property assets for the firm’s retail warehouse segment was recorded at 6.9 million pounds, followed by the retail segment at 630.6 million rand, the office segment at 246.5 million pounds and the remaining segment at 166.9 million pounds.