OTHERS RECURRENT AND OPTIONAL INCOME DISTRIBUTION REINVESTMENT PLAN (“IDRP”) APPLICABLE TO 2014 FIRST INTERIM INCOME DISTRIBUTION
| AXIS REAL ESTATE INVESTMENT TRUST |
| Type | Announcement |
| Subject | OTHERS |
| Description | RECURRENT AND OPTIONAL INCOME DISTRIBUTION REINVESTMENT PLAN (“IDRP”) APPLICABLE TO 2014 FIRST INTERIM INCOME DISTRIBUTION |
On 21 April 2014, the Board of
Directors of Axis REIT Managers Berhad (“Board”), the management
company of Axis Real Estate Investment Trust (“Axis-REIT”) (“Manager”),
has announced the quarterly results for the financial period ended 31
March 2014 and proposed a first interim income distribution in respect
of the period from 1 January 2014 to 31 March 2014 of 5.30 sen per unit
(of which 4.42 sen per unit is taxable and 0.88 sen per unit is
non-taxable in the hands of unitholders) (“2014 First Interim Income
Distribution”). The Board has determined that the IDRP, which allows unitholders of Axis-REIT to reinvest their income distribution in new units, will apply to the 2014 First Interim Income Distribution, in which the gross electable portion of 2.20 sen per unit out of the 2014 First Interim Income Distribution of 5.30 sen per unit (which is taxable in the hands of unitholders) (“Electable Portion”) can be elected to be reinvested in new units and the remaining portion of 3.10 sen per unit (of which 2.22 sen per unit is taxable and 0.88 sen per unit is non-taxable in the hands of unitholders) will be paid in cash. The IDRP also provides the unitholders the option to reinvest the entire Electable Portion or part of the Electable Portion based on the proportion as determined by the Board. In this regard, the Board has also determined the proportion of the Electable Portion in which the unitholders can elect to reinvest in new units will be 1.10 sen per unit (which is taxable in the hands of unitholders) of the Electable Portion, and the remaining 1.10 sen per unit (which is taxable in the hands of unitholders) of the Electable Portion will be paid in cash. If the unitholders elect not to participate in the IDRP, then the Electable Portion will be paid wholly in cash. The Board wishes to announce that the issue price of new units to be issued pursuant to the IDRP applicable to the 2014 First Interim Income Distribution has been fixed today (“Price Fixing Date”) at RM3.20 per new unit. The issue price is based on the five (5)-day volume weighted average market price (“VWAMP”) of the units up to and including 18 April 2014, being the last trading day immediately prior to the Price Fixing Date of RM3.4005 per unit, and after adjusting for a discount of RM0.2005 which is approximately 5.9% discount to the five (5)-day VWAMP of RM3.4005 per unit. The Board has also announced on even date that the book closure date pursuant to the 2014 First Interim Income Distribution and the IDRP has been fixed for 6 May 2014. Barring any unforeseen circumstances, the new units arising from the exercise of IDRP will be listed on the Main Market of Bursa Malaysia Securities Berhad on 16 June 2014. This announcement is dated 21 April 2014. | |
Announcement Info
| Company Name | AXIS REAL ESTATE INVESTMENT TRUST |
| Stock Name | AXREIT |
| Date Announced | 21 Apr 2014 |
| Category | General Announcement |
| Reference No | CC-140417-65008 |
