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Frasers Logistics & Industrial Trust's 78m new units commence trading; existing units to get early payouts
SEVENTY-EIGHT million new units in Frasers Logistics and Industrial Trust (FLT) will start trading at 9am on Thursday, and existing units are expected to get an early payout, said the trust manager on Thursday in a filing to Singapore Exchange.
At S$1.01 apiece, the new units, issued in a private placement, will be used to partially fund the proposed acquisition of seven properties.
With the new units, this means that there will be almost 1.51 billion units of the trust in issue.
FLT's policy is to distribute its distributable income on a semi-annual basis to unitholders of FLT.
The trust manager intends to declare a distribution of the distributable income for the existing units that cover the period from April 1, 2017 to July 5, 2017, said the release.
This advanced distribution "is intended to ensure that the distributable income accrued by FLT before the issue of the new units is only distributed in respect of the existing units, and is being proposed as a means to ensure fairness to holders of the existing units", said the release.
The next distribution following the advanced distribution will comprise FLT's distributable income for the period from July 6, 2017 to Sept 30, 2017. Semi-annual distributions will resume thereafter.
Shares of FLT closed higher by 0.95 per cent, or one Singapore cent at S$1.060 apiece on Wednesday.