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Ascott Reit, A-HTrust investors to get new stapled units on Dec 31
UNITHOLDERS of merging real estate investment trusts Ascott Residence Trust (Ascott Reit) and Ascendas Hospitality Trust (A-HTrust) will get their new Ascott Reit-BT stapled units on Dec 31, when the schemes that were lodged with the regulator on Thursday are implemented.
Unstapled Ascott Reit units will trade for the last time on Dec 26, the manager said in an indicative timetable filed with the bourse on Thursday, while the Ascott Reit-BT stapled units are set to start trading on Jan 2. Meanwhile, A-HTrust stapled units will be delisted on Jan 3.
Still, the manager noted that the timetable can be changed at its absolute discretion, subject to applicable regulatory requirements. Any such changes will be disclosed to unitholders.
Ascott Reit unitholders will get one Ascott Reit-BT stapled unit on Dec 31 for each Ascott Reit unit that they own, while A-HTrust stapled unitholders will get S$0.0543 in cash and 0.7942 of an Ascott Reit-BT stapled units - priced at S$1.30 apiece - for each of their securities held.
The two hospitality trusts announced their planned merger in July, in a move that was met with overwhelming support from investors at separate extraordinary general meetings in October.
A-HTrust stapled securities suspended trading on Tuesday.
Ascott Reit units shed S$0.02 or 1.48 per cent to S$1.33 on Thursday on a cum-dividend, cum-entitlement basis before the announcement.