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OTHERS RECURRENT AND OPTIONAL INCOME DISTRIBUTION REINVESTMENT PLAN ("IDRP") APPLICABLE TO 2020 FINAL INCOME DISTRIBUTION

AXIS REAL ESTATE INVESTMENT TRUST

Type Announcement
Subject OTHERS
Description
RECURRENT AND OPTIONAL INCOME DISTRIBUTION REINVESTMENT PLAN ("IDRP") APPLICABLE TO 2020 FINAL INCOME DISTRIBUTION

On 20 January 2021, 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 year ended 31 December 2020 and proposed a final income distribution in respect of the period from 1 October 2020 to 31 December 2020 of 2.25 sen per unit (of which 0.83 sen per unit is taxable and 1.42 sen per unit is non-taxable in the hands of the unitholders) (“2020 Final 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 2020 Final Income Distribution, in which the gross electable portion of 1.10 sen per unit out of the 2020 Final Income Distribution of 2.25 sen per unit (which is non-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 0.83 sen per unit is taxable and 0.32 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 0.55 sen per unit (which is non-taxable in the hands of unitholders) of the Electable Portion, and the remaining 0.55 sen per unit (which is non-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 2020 Final Income Distribution has been fixed today (“Price Fixing Date”) at RM1.88 per new unit, based on the 5-day volume weighted average market price (“VWAMP”) of the units up to and including 19 January 2021, being the last trading day immediately prior to the Price Fixing Date.

 

The issue price of RM1.88 per unit is fixed after adjusting for a discount of RM0.1301 which is approximately 6.47% discount to the 5-day VWAMP of RM2.0101 per unit.

 

The Board has also announced on even date that the book closure date pursuant to the 2020 Final Income Distribution and the IDRP has been fixed for 5 February 2021.

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 12 March 2021.

 

This announcement is dated 20 January 2021.






Announcement Info

Company Name AXIS REAL ESTATE INVESTMENT TRUST
Stock Name AXREIT
Date Announced 20 Jan 2021
Category General Announcement for PLC
Reference Number GA1-19012021-00013



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