Lippo Malls Indonesia Retail Trust not paying distribution on S$140m perp
LIPPO Malls Indonesia Retail Trust (LMIRT) : D5IU 0%will not pay distribution on its S$140 million tranche of 7 per cent perpetual securities on Mar 27, the manager for the trust said in a regulatory filing on Wednesday (Mar 13).
LMIRT Management said Perpetual (Asia), in its capacity as trustee for LMIRT, has decided against paying distribution on the perpetual securities issued in September 2016.
“Accordingly, the issuer has no obligation to pay the March 2024 distribution, and the unpaid March 2024 distribution is non-cumulative and does not accrue distribution,” the filing said.
Consequently, it is not allowed to declare or pay any dividends, distributions or make any other payment on LMIRT units or (except on a pro rata basis) the S$120 million perpetual securities it issued in June 2017.
LMIRT cannot redeem, reduce or buy back any of the units or (except on a pro rata basis) any of the 2017 perpetual securities.
It can only make dividend, distribution or other payment on its units or the 2017 perpetual securities or redeem that issuance if it has satisfied some requirements, including having redeemed all the outstanding perpetual securities.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
LMIRT units were unchanged at S$0.013 – its 52-week low – on Wednesday, before the non-payment of distribution on the 2016 perpetual securities was announced.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Reits & Property
S-Reits falter as investors weigh possibility of zero rate cuts in 2024
CapitaLand Investment posts total revenue of S$650 million for Q1
LMIRT Q1 net property income dips 3.1% to S$30 million on higher expenses
Mapletree Industrial Trust to distribute S$13 million of divestment gains over next 4 quarters
OUE wins tender to lease, develop new ‘zero-energy’ hotel at Changi Airport’s T2
Mapletree Industrial Trust Q4 DPU rises 0.9% to S$0.0336