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Prime time profits up by 33%

PrimeTime managing director, Sally Kelly

PrimeTime, the listed property outfit said profits for the six month period to February rose up by 33 percent boosted by the sale Barclay’s plaza and Blue Jacket Square.

Net profit for the six months period came in at P33 576 063 million, the company said.

“The book profits of P8.7m reported on these sales will be reinvested into our new Pilane Crossing retail development, providing longevity of return and capital uplift to our unit holders in the medium to longer term,” reads the statement.

The company said the properties have performed well during this interim period.

“Effective management is resulting in PrimeTime braving out the continued tough economic environment that persists in Botswana, and at this interim period end our vacancies are negligible,” the company stated.

The company also announced this week that it had recently acquired a further property in Zambia, the PwC Office Park, Lusaka and with rentals accruing from 1 March 2016 its impact will be reflected in the Group’s year end results.

According to a statement, the property, purchased at $8.8 million (P92.96m), is a tenanted, commercial office park that encompasses three separate buildings, namely Cavmont Bank, PwC and John Snow International, each leased to a single occupier.

“The property is being funded by $5 million amortising loan from Barclays Bank Zambia Limited the balance from funding raised in Botswana,” said the company.

PrimeTime managing director, Alfred Kelly said the transaction is part of the execution of PrimeTime’s strategy to continue growing the property portfolio in order to create long term value for linked unit holders, as the loan is paid down and its earning ability increases.

He added that the property, with a market value of $10 million, has been purchased as an investment with “blue chip” tenants.

“Due to its location it will diversify the current geographical spread of PrimeTime’s properties. The impact of this transaction on the net assets of the group is estimated to be 7.11 thebe per linked unit and the impact on the net profits of the group in its first year of acquisition is estimated to be 0.8905 thebe per linked unit,” he said.

Kelly said the value of the property was arrived at by a valuation carried out by  Pam Golding Properties Zambia Limited, adding that title to the property passed in February 2016 with rentals accruing from March 1, 2016.

Meanwhile, PrimeTime announced that it is in the process of establishing a P500 million domestic medium term note programme to enable it to continue its strategic goals.

It indicated that the debt programme would enable the company to grow and diversify its portfolio in the interest of developing long-term shareholder wealth, while structuring debt to minimise its impact on distribution.

PrimeTime says it is currently pursuing some new opportunities in Botswana. “Our diversification strategy is also taking shape with Zambian prospects continually being assessed,” the company said.

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Matsheka seeks raise bond program ceiling to P30 billion

14th September 2020
Dr Matsheka

This week Minister of Finance & Economic Development, Dr Thapelo Matsheka approached parliament seeking lawmakers approval of Government’s intention to increase bond program ceiling from the current P15 Billion to P30 billion.

“I stand to request this honorable house to authorize increase in bond issuance program from the current P15 billion to P30 billion,” Dr Matsheka said. He explained that due to the halt in economic growth occasioned by COVID-19 pandemic government had to revisit options for funding the national budget, particularly for the second half of the National Development Plan (NDP) 11.

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Lucara sits clutching onto its gigantic stones with bear claws in a dark pit

14th September 2020
Lesedi La Rona

Botswana Stock Exchange (BSE) has this week revealed a gloomy picture of diamond mining newcomer, Lucara, with its stock devaluated and its entire business affected by the COVID-19 pandemic.

A BSE survey for a period between 1st January to 31st August 2020 — recording the second half of the year, the third quarter of the year and five months of coronavirus in Botswana — shows that the Domestic Company Index (DCI) depreciated by 5.9 percent.

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Botswana Diamonds issues 50 000 000 shares to raise capital

14th September 2020

Botswana Diamond PLC, a diamond exploration company trading on both London Stock Exchange Alternative Investment Market (AIM) and Botswana Stock Exchange (BSE) on Monday unlocked value from its shares to raise capital for its ongoing exploration works in Botswana and South Africa.

A statement from the company this week reveals that the placing was with existing and new investors to raise £300,000 via the issue of 50,000,000 new ordinary shares at a placing price of 0.6p per Placing Share.

Each Placing Share, according to Botswana Diamond Executives has one warrant attached with the right to subscribe for one new ordinary share at 0.6p per new ordinary share for a period of two years from, 7th September 2020, being the date of the Placing Warrants issue.

In a statement Chairman of Botswana Diamonds, John Teeling explained that the funds raised will be used to fund ongoing exploration activities during the current year in Botswana and South Africa, and to provide additional working capital for the Company.

The company is currently drilling kimberlite M8 on the Marsfontein licence in South Africa and has generated further kimberlite targets which will be drilled on the adjacent Thorny River concession.

In Botswana, the funds will be focused on commercializing the KX36 project following the recent acquisition of Sekaka Diamonds from Petra Diamonds. This will include finalizing a work programme to upgrade the grades and diamond value of the kimberlite pipe as well as investigating innovative mining options.

Drilling is planned for the adjacent Sunland Minerals property and following further assessment of the comprehensive Sekaka database more drilling targets are likely. “This is a very active and exciting time for Botswana Diamonds. We are drilling the very promising M8 kimberlite at Marsfontein and further drilling is likely on targets identified on the adjacent Thorny River ground,” he said.

The company Board Chair further noted, “We have a number of active projects. The recently acquired KX36 diamond resource in the Kalahari offers great potential. While awaiting final approvals from the Botswana authorities some of the funds raised will be used to detail the works we will do to refine grade, size distribution and value per carat.”

In addition BOD said the Placing Shares will rank pari passu with the Company’s existing ordinary shares. Application will be made for the Placing Shares to be admitted to trading on AIM and it is expected that such admission will become effective on or around 23 September 2020.

Last month Botswana Diamond announced that it has entered into agreement with global miner Petra Diamonds to acquire the latter’s exploration assets in Botswana. Key to these assets, housed under Sekaka Diamonds, 100 % subsidiary of Petra is the KX36 Diamond discovery, a high grade ore Kimberlite pipe located in the CKGR, considered Botswana’s next diamond glory after the magnificent Orapa and prolific Jwaneng Mines.

The acquisition entailed two adjacent Prospecting Licences and a diamond processing plant. Sekaka has been Petra’s exploration vehicle in Botswana for year and holds three Prospecting Licenses in the Central Kalahari Game Reserve (Kalahari) PL169/2019, PL058/2007 and PL224/2007, which includes the high grade KX36 kimberlite pipe.

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