OTHERS AXIS REAL ESTATE INVESTMENT TRUST ("AXIS-REIT OR FUND") AUTHORITY TO ALLOT AND ISSUE UP TO 2,000,000 NEW EXISTING UNITS IN AXIS-REIT FOR THE PURPOSE OF PAYMENT OF MANAGEMENT FEE TO AXIS REIT MANAGERS BERHAD IN THE FORM OF NEW UNITS IN AXIS-REIT ("EARLIER APPROVED AUTHORITY")
| AXIS REAL ESTATE INVESTMENT TRUST |
| Type | Announcement |
| Subject | OTHERS |
| Description | AXIS REAL ESTATE INVESTMENT TRUST ("AXIS-REIT OR FUND")
AUTHORITY TO ALLOT AND ISSUE UP TO 2,000,000 NEW EXISTING UNITS IN AXIS-REIT FOR THE PURPOSE OF PAYMENT OF MANAGEMENT FEE TO AXIS REIT MANAGERS BERHAD IN THE FORM OF NEW UNITS IN AXIS-REIT ("EARLIER APPROVED AUTHORITY") |
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On behalf of the Board of Directors of Axis REIT Managers Berhad ("Board"), being the management company of Axis-REIT ("Manager"), Maybank Investment Bank Berhad ("Maybank IB") wishes to announce that an application has been submitted to Bursa Malaysia Securities Berhad today to seek a further extension of time of six (6) months from 4 October 2015 to 3 April 2016 for Axis-REIT to complete the Earlier Approved Authority ("Proposed Extension of Time"). The Earlier Approved Authority was approved by the unitholders of Axis-REIT ("Unitholders") on 30 April 2013 and has been in force since that date and shall continue to be in force until all the new units in Axis-REIT have been fully issued pursuant to the Earlier Approved Authority. On 24 October 2014 and 23 January 2015, 242,000 new units in Axis-REIT and 236,000 new units in Axis-REIT were issued to the Manager for the purpose of payment of management fee to the Manager for the months of September 2014 and December 2014 respectively ("Issuance"). As a result of the Issuance, the number of new units in Axis-REIT that may be allotted and issued pursuant to the Earlier Approved Authority has decreased to 1,522,000 new existing units in Axis-REIT. On 3 March 2015, on behalf of the Board, Maybank IB announced, among others, that the Manager proposes to undertake the following: (i) a unit split involving the subdivision of every one (1) existing unit in Axis-REIT held by the entitled Unitholders on an entitlement date to be determined and announced later, into two (2) units in Axis-REIT ("Subdivided Units") ("Unit Split"); (ii) an increase in the existing approved fund size of Axis-REIT to facilitate the Unit Split ("Increase in Fund Size for the Unit Split"); and (iii) an increase in the issued fund size of Axis-REIT after the Unit Split of 1,095,516,080 Subdivided Units to accommodate the issuance of, among others, the new Subdivided Units pursuant to the Earlier Approved Authority ("Proposed Increase in Fund Size for the Authority"). The Unitholders approved, among others, the Unit Split, Increase in Fund Size for the Unit Split and Proposed Increase in Fund Size for the Authority at the Unitholders’ meeting convened and held on 21 August 2015. As a result of the implementation of the Unit Split, the number of new units in Axis-REIT allowed to be issued pursuant to the Earlier Approved Authority will be up to a maximum of 3,044,000 new Subdivided Units. The Proposed Extension of Time is being sought premised on the fact that the issuance of the remaining new Subdivided Units for the payment of management fee pursuant to the Earlier Approved Authority will take several years to be fully issued considering the frequency of such issuances undertaken in a year and the quantum of the management fee. This announcement is dated 2 September 2015. |
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Announcement Info
| Company Name | AXIS REAL ESTATE INVESTMENT TRUST |
| Stock Name | AXREIT |
| Date Announced | 02 Sep 2015 |
| Category | General Announcement for PLC |
| Reference Number | GA1-02092015-00052 |
