RDI Reit cuts interim dividend as earnings fall

RDI Reit, whose shares lost 13.8% on Wednesday after the landlord rejected a takeover offer, has cut its interim dividend because of lower earnings and a chunk of cash being tied up in a credit facility.At the same time, £11.6m in cash was retained in a credit facility provided by Aviva Commercial Finance linked to four of its malls in the UK.

Meanwhile, RDI said it planned to slash its exposure to the retail sector amid declining mall valuations in the UK. It said earlier in April that after the four malls were revalued by financier Aviva, the lender’s loan-to-value ratio on this facility had breached its covenants.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Combined Motor Holdings earnings fall amid economic ‘onslaught’Headline earnings per share fall 8.3% even as revenue grows 5.5%
Source: BDliveSA - 🏆 12. / 63 Read more »

Life Healthcare says option contracts dented earningsThe marked-to-market loss on the contracts in place during the interim period was R256m net of tax
Source: BDliveSA - 🏆 12. / 63 Read more »

Capitec and Curro boost PSG Group’s earningsThe group says it grew earnings by 9% in the year ended February 2019
Source: BDliveSA - 🏆 12. / 63 Read more »

Standard Bank reports 8% increase in first-quarter earningsThe group says ‘strong growth’ in the rest of Africa helped to lift earnings attributable to shareholders
Source: BDliveSA - 🏆 12. / 63 Read more »