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aReit - quarterly update announcement
aReit is actively engaging with prospective audit firms to complete outstanding audits for the financial years ending 31 December 2023 and 2024, with financial reporting for 2025 still in progress. The company has prepared the annual financial statements but faces delays due to audit and accounting issues, including leasehold property valuations. Operationally, the Cresta Hotel performs well, and the lease of the Lady Hamilton has shifted to student accommodation. A dispute with a tenant over air conditioning maintenance is being legally evaluated but is not expected to impact financials significantly. The board is exploring strategic options, including potential delisting, and aims to restore compliance with JSE requirements by publishing audited financials for 2023, 2024, and 2025, along with interim results. Shareholders will receive quarterly updates until suspension is lifted.
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