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OTHERS RECURRENT AND OPTIONAL INCOME DISTRIBUTION REINVESTMENT PLAN ("IDRP") APPLICABLE TO 2023 THIRD INTERIM INCOME DISTRIBUTION

AXIS REAL ESTATE INVESTMENT TRUST

Type Announcement
Subject OTHERS
Description
RECURRENT AND OPTIONAL INCOME DISTRIBUTION REINVESTMENT PLAN ("IDRP") APPLICABLE TO 2023 THIRD INTERIM INCOME DISTRIBUTION

On 27 October 2023, the Board of Directors of Axis REIT Managers Berhad (“Board”), the management company of Axis Real Estate Investment Trust (“Axis-REIT”), had announced the quarterly results for the financial period ended 30 September 2023 and proposed a third interim income distribution in respect of the period from 1 July 2023 to 30 September 2023 of 2.15 sen per unit (of which 1.59 sen per unit is taxable and 0.56 sen per unit is non-taxable in the hands of the unitholders) (“2023 Third Interim Income Distribution”).

 

The Board has determined that the IDRP, which allows unitholders of Axis-REIT to reinvest their income distribution in new units, will apply to the 2023 Third Interim Income Distribution, in which the gross electable portion of 1.00 sen per unit out of the 2023 Third Interim Income Distribution of 2.15 sen per unit (which is taxable in the hands of unitholders) (“Electable Portion”) can be elected to be reinvested in new units and the remaining portion of 1.15 sen per unit (of which 0.59 sen per unit is taxable and 0.56 sen per unit is non-taxable in the hands of unitholders) will be paid in cash.

 

The IDRP also provides the unitholders the option to reinvest the entire Electable Portion or part of the Electable Portion based on the proportion as determined by the Board. In this regard, the Board has also determined the proportion of the Electable Portion in which the unitholders can elect to reinvest in new units will be 0.50 sen per unit (which is taxable in the hands of unitholders) of the Electable Portion, and the remaining 0.50 sen per unit (which is taxable in the hands of unitholders) of the Electable Portion will be paid in cash. If the unitholders elect not to participate in the IDRP, then the Electable Portion will be paid wholly in cash.

 

The Board wishes to announce that the issue price of the new units to be issued pursuant to the IDRP applicable to the 2023 Third Interim Income Distribution has been fixed today (“Price Fixing Date”) at RM1.70 per new unit, based on the 5-day volume weighted average market price (“VWAMP”) of the units up to and including 26 October 2023, being the last trading day immediately prior to the Price Fixing Date.

 

The issue price of RM1.70 per unit is fixed after adjusting for a discount of RM0.1082 which is approximately 5.98% discount to the 5-day VWAMP of RM1.8082 per unit.

 

The Board has also announced on even date that the book closure date pursuant to the 2023 Third Interim Income Distribution and the IDRP has been fixed for 10 November 2023.

 

Barring any unforeseen circumstances, the new units arising from the exercise of IDRP will be listed on the Main Market of Bursa Malaysia Securities Berhad on 18 December 2023.

 

This announcement is dated 27 October 2023.






Announcement Info

Company Name AXIS REAL ESTATE INVESTMENT TRUST
Stock Name AXREIT
Date Announced 27 Oct 2023
Category General Announcement for PLC
Reference Number GA1-21102023-00002



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