NEW ISSUE OF SECURITIES (CHAPTER 6 OF LISTING REQUIREMENTS): OTHER ISSUE OF SECURITIES AXIS REAL ESTATE INVESTMENT TRUST (“AXIS-REIT”) RECURRENT AND OPTIONAL INCOME DISTRIBUTION REINVESTMENT PLAN (“IDRP”) THAT ALLOWS UNITHOLDERS OF AXIS-REIT TO REINVEST THEIR INCOME DISTRIBUTION IN NEW UNITS IN AXIS-REIT
| AXIS REAL ESTATE INVESTMENT TRUST |
| Type | Announcement |
| Subject | NEW ISSUE OF SECURITIES (CHAPTER 6 OF LISTING REQUIREMENTS) OTHER ISSUE OF SECURITIES |
| Description | AXIS REAL ESTATE INVESTMENT TRUST (“AXIS-REIT”) RECURRENT AND OPTIONAL INCOME DISTRIBUTION REINVESTMENT PLAN (“IDRP”) THAT ALLOWS UNITHOLDERS OF AXIS-REIT TO REINVEST THEIR INCOME DISTRIBUTION IN NEW UNITS IN AXIS-REIT |
Reference is made to the announcements dated 9 February 2011, 28 February 2011, 26 April 2011, 13 May 2011, 31 May 2011, 1 July 2011 and 26 July 2011 in relation to the IDRP. On 17 October 2011, the Board of Directors of Axis REIT Managers Berhad (“Board”), the management company of Axis-REIT (“Manager”), announced the quarterly report on the results for the financial period ended 30 September 2011, and proposed a third interim income distribution in respect of the period from 1 July 2011 to 30 September 2011 of 4.30 sen per unit (of which 4.20 sen per unit is taxable and 0.10 sen per unit is non-taxable in the hands of unitholders) (“Third Interim Income Distribution”). The Board has determined that the IDRP will apply to the Third Interim Income Distribution, in which the gross electable portion of 2.10 sen per unit out of the Third Interim Income Distribution of 4.30 sen per unit (of which 2.00 sen per unit is taxable and 0.10 sen per unit is non-taxable in the hands of unitholders) (“Electable Portion”) can be elected to be reinvested in new units and the remaining portion of 2.20 sen per unit (which is 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 1.00 sen per unit (which is taxable in the hands of unitholders) of the Electable Portion, and the remaining 1.10 sen per unit (of which 1.00 sen per unit is taxable and 0.10 sen per unit is non-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. On behalf of the Board, Maybank Investment Bank Berhad wishes to announce that the issue price of new units to be issued pursuant to the IDRP applicable to the Third Interim Income Distribution has been fixed today (“Price Fixing Date”) at RM2.30 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 14 October 2011, being the last trading day immediately prior to the Price Fixing Date of RM2.44 per unit, and after adjusting for a discount of RM0.14 which is approximately 5.7% discount to the 5-day VWAMP of RM2.44 per unit. We will also announce on even date that the book closure date pursuant to the Third Interim Income Distribution and the IDRP has been fixed for 1 November 2011. Barring any unforeseen circumstances, the new Units arising from the IDRP will be listed on the Main Market of Bursa Malaysia Securities Berhad on 12 December 2011.
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Announcement Info
| Company Name | AXIS REAL ESTATE INVESTMENT TRUST |
| Stock Name | AXREIT |
| Date Announced | 17 Oct 2011 |
| Category | General Announcement |
| Reference No | MI-111017-64992 |
