NEW ISSUE OF SECURITIES (CHAPTER 6 OF LISTING REQUIREMENTS): FUND RAISING
AMFIRST REAL ESTATE INVESTMENT TRUST ("AmFIRST REIT" OR “THE FUND”)
(I) PROPOSED RENOUNCEABLE RIGHTS ISSUE ON THE BASIS OF THREE (3) RIGHTS UNIT FOR EVERY FIVE (5) EXISTING UNITS IN AmFIRST REIT (“UNITS”) AT AN ENTITLEMENT DATE TO BE DETERMINED LATER (“PROPOSED RIGHTS ISSUE”); AND
(II) PROPOSED INCREASE IN THE EXISTING APPROVED FUND SIZE OF AmFIRST REIT OF 429,001,000 UNITS TO 686,401,600 UNITS (“PROPOSED INCREASE IN FUND SIZE”)
(COLLECTIVELY REFFERED TO AS THE “PROPOSALS”)
AMFIRST REAL ESTATE INVESTMENT TRUST
Type
Announcement
Subject
NEW ISSUE OF SECURITIES (CHAPTER 6 OF LISTING REQUIREMENTS)
FUND RAISING
Description
AMFIRST REAL ESTATE INVESTMENT TRUST ("AmFIRST REIT" OR “THE FUND”)
(I) PROPOSED RENOUNCEABLE RIGHTS ISSUE ON THE BASIS OF THREE (3) RIGHTS UNIT FOR EVERY FIVE (5) EXISTING UNITS IN AmFIRST REIT (“UNITS”) AT AN ENTITLEMENT DATE TO BE DETERMINED LATER (“PROPOSED RIGHTS ISSUE”); AND
(II) PROPOSED INCREASE IN THE EXISTING APPROVED FUND SIZE OF AmFIRST REIT OF 429,001,000 UNITS TO 686,401,600 UNITS (“PROPOSED INCREASE IN FUND SIZE”)
(COLLECTIVELY REFFERED TO AS THE “PROPOSALS”)
We refer to the announcements dated 10 August 2011 and 8 November 2011 respectively on the Proposals (“Announcements”). Unless otherwise stated, all definitions used in this announcement shall carry the same meaning as defined in the Announcements.
On behalf of the Board, AmInvestment Bank wishes to announce that the SC had via its letter dated 7 March 2012 (which was received on 8 March 2012) approved the followings:-
(i) Increase in approved fund size of AmFIRST REIT by up to 257,400,600 new Units (“the New Units”) i.e. from 429,001,000 Units to 686,401,600 Units; and
(ii) Listing of, and quotation for, the New Units on the Main Market of Bursa Securities.
The approval of the SC is subject to the following terms and conditions:-
(i) Terms
(a) The increase in approved fund size will be undertaken via the Proposed Rights Issue, after obtaining the necessary approval from the Unitholders.
(b) The proceeds from the Proposed Rights Issue will be used to pare down existing bank borrowings incurred to finance acquisitions that have been completed more than one (1) year ago.
(c) A prospectus in relation to the Proposed Rights Issue will be issued and is to be registered by the SC.
(ii) Conditions
(a) Am ARA and its adviser are required to inform the SC prior to the listing of the New Units, the date of the issuance of the New Units and the date of listing of and the quotation for the New Units on the Main Market of Bursa Securities.
(b) The issuance of the New Units and the listing of the New Units on the Main Market of Bursa Securities must be completed within six (6) months from the date of the SC’s approval. The approval is deemed to lapse if Am ARA fails to do so within the stipulated time frame.
