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Arrowhead Properties director resigns; company revises dividend projection

Arrowhead Properties Ltd. announced the resignation of an independent nonexecutive director and revised its dividend projection for the year ended Sept. 30.

The South African real estate investment trust said Elize Stroebel stepped down from the board, effective Nov. 13, citing personal reasons.

The company said it expects its dividend for the year ended Sept. 30 in a range of approximately 73.7356 South African cents per share to 74.1732 cents per share, representing negative dividend growth between 15.25% and 15.75% for the year.

Arrowhead revised its dividend outlook after its 16.4%-owned Rebosis Property Fund Ltd. declared a dividend of 29.60 cents per Rebosis B share for the six months ended Aug. 31.

As of Nov. 12, US$1 was equivalent to 14.44 South African rand.