BURSA ANNOUNCEMENTS


 

Date : 02 June 2011

OTHERS AXIS REAL ESTATE INVESTMENT TRUST (“AXIS-REIT” OR “FUND”) PROPOSED AMENDMENTS TO THE DEED DATED 3 APRIL 2009 CONSTITUTING AXIS-REIT

AXIS REAL ESTATE INVESTMENT TRUST

TypeAnnouncement
SubjectOTHERS
DescriptionAXIS REAL ESTATE INVESTMENT TRUST (“AXIS-REIT” OR “FUND”)

PROPOSED AMENDMENTS TO THE DEED DATED 3 APRIL 2009 CONSTITUTING AXIS-REIT

(Unless otherwise stated, definitions used in this announcement shall carry the same meanings as defined in the announcement dated 28 April 2011 in relation to the abovementioned proposal).

 

We refer to the announcement dated 28 April 2011 in relation to the abovementioned proposal. On behalf of the Board of Directors of Axis REIT Managers Berhad, the management company of Axis-REIT (“Manager”), Maybank Investment Bank Berhad wishes to announce that the Manager proposes to undertake further revisions to the Proposed Amendments involving the revision to the definition of Net Income and an additional amendment to the existing Clause 17.1(a) of the Deed, as follows:

 

The definitions used in the Deed shall be applied throughout the supplemental deed and this announcement.

Clause
Existing clause in the Deed
Proposed amendments
1.1 – DefinitionsNone.

To amend the definition of “Net Income” in the Deed to accommodate the proposed amendment of Clause 17.1(b) as follows:

 “interim unaudited or annual audited net income, after taxation of the REIT as determined by the Management Company in accordance with generally accepted accounting practices in Malaysia.”


17.1(a) – Distributable Income

The existing clause 17.1(a) is as follows:


“The Management Company shall, with the approval of the Trustee on or before the Distribution Date for each Distribution Period, distribute all (or such lower percentage as determined by the Manager in its absolute discretion) of Distributable Income of the REIT.”

To amend Clause 17.1(a) as follows:

“The Management Company shall, with the approval of the Trustee on or before the Distribution Date for each Distribution Period, distribute all (or such lower percentage as determined by the Management Company in its absolute discretion) of the Distributable Income of the REIT. The announcement of such Distributable Income to be distributed shall be made based on the Net Income, subject to adjustments detailed in Clause 17.1(b) below. The payment of Distributable Income to be distributed for the final or annual Distributable Income shall be based on the audited Net Income, subject to adjustments detailed in Clause 17.1(b) below.”


This announcement is dated 2 June 2011.


Announcement Info

Company NameAXIS REAL ESTATE INVESTMENT TRUST  
Stock Name AXREIT    
Date Announced2 Jun 2011  
CategoryGeneral Announcement
Reference NoMI-110602-60247

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