Frasers Logistics & Industrial Trust's existing units to get advance payout, new units start trading today

SINGAPORE - Frasers Logistics & Industrial Trust's 78 million new units from a private placement will begin trading at 9am on Thursday (July 6) while existing units are slated to get an advance payout.

In a filing with the Singapore Exchange before trading began on Thursday, FLT's trust manager said that for the existing units, it intends to declare a distribution of the distributable income for the period from April 1, 2017, to July 5, 2017, the day immediately preceding the date on which the new units will be issued under the private placement.

This early payout "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", it said.

The next distribution following the advance distribution will comprise FLT's distributable income for the period from July 6, 2017, to Sept 30, 2017. FLT's normal semi-annual distributions will resume thereafter.

Shares of FLT closed up 0.95 per cent, or one Singapore cent, at S$1.060 on Wednesday.

The new units have an issue price of S$1.01 per unit.