AXIS REAL ESTATE INVESTMENT TRUST (“AXIS-REIT”) (i) Proposed placement of up to 68,819,800 new units in Axis-REIT (“Units”), representing about 22.4% of the existing Units in circulation, at a price to be determined later (“Final Tranche Proposed Placement”); and (ii) Proposed increase in the existing approved fund size of Axis-REIT from 307,081,200 Units up to a maximum of 375,901,000 Units (Collectively referred to as “Proposals”
| AXIS REAL ESTATE INVESTMENT TRUST |
| Type | Announcement |
| Subject | AXIS REAL ESTATE INVESTMENT TRUST (“AXIS-REIT”) (i) Proposed placement of up to 68,819,800 new units in Axis-REIT (“Units”), representing about 22.4% of the existing Units in circulation, at a price to be determined later (“Final Tranche Proposed Placement”); and (ii) Proposed increase in the existing approved fund size of Axis-REIT from 307,081,200 Units up to a maximum of 375,901,000 Units (Collectively referred to as “Proposals” |
| Contents | We refer to the announcement dated 3 June 2010 in relation to, among others, the Proposals. On behalf of the Board of Directors of Axis REIT Managers Berhad (“Board”), the management company of Axis-REIT, Maybank Investment Bank Berhad (“Maybank IB”) wishes to announce that on 16 June 2010, the Board had decided that the net proceeds from the Final Tranche Proposed Placement will be used to pare down the borrowings (including finance cost payable) which were taken up for the acquisitions of several properties which were completed in December 2009 and March 2010 (“Properties”). The details on the Properties are set out in the attached file. Clause 10.12 of the Guidelines on Real Estate Investment Trusts issued by the Securities Commission (“SC”) stipulates that where a real estate (including those held by single-purpose companies) is the subject of an acquisition – (a) as part of the establishment of a new fund; or (b) financed, or refinanced within one year, through the issuance of new units, the value of the real estate requires SC’s approval. In view of the above, on behalf of the Board, Maybank IB had submitted an application to the SC for the approval of the value on the Properties on 16 June 2010. This announcement is dated 16 June 2010. |
| |
Announcement Info
| Company Name | AXIS REAL ESTATE INVESTMENT TRUST |
| Stock Name | AXREIT |
| Date Announced | 16 Jun 2010 |
| Category | General Announcement |
| Reference No | MI-100616-58339 |
