Sharechat Logo

Unit holders approve debt threshold increase

Media release

Friday 28th January 2005

Text too small?
At the Extraordinary General Meeting of Kiwi Income Property Trust held in Auckland yesterday, unit holders approved the resolution set out in the Notice of Meeting dated 5 January 2005.

The extraordinary resolution amends the Trust Deed so that the limit on money borrowed is increased from 35% to 40% of the gross value of the Trust Fund.

Chief executive of the Manager of the Trust, Angus McNaughton, said it was pleasing to have received strong support for the resolution from unit holders, with over 80% voting in favour.

"The additional debt capacity has the potential to deliver enhanced unit holder returns, both through providing the Trust with greater flexibility to pursue added value opportunities as they arise, and through lowering the Trust's cost of capital.

"The higher proportion of debt in the funding mix will not alter the stable, low-risk profile of the Trust, and the debt threshold remains at the lower end of the range for New Zealand listed property entities", said McNaughton.

Bond Offer: Infratil Ltd, 7.2 year & 10.2 year unsecured unsubordinated bond


  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Kiwi Income Property Trust
Kiwi Income sells Queen St building to Australian firm
Kiwi Income Property may need to sell assets or raise equity to exit management contract
Kiwi Income manager stays mum on internalisation proposal, sees retail, Auckland office improving
Kiwi Income manager mulls Commonwealth Bank proposal to internalise contract
Kiwi Income Property sees smaller payout in 2014 as annual earnings fall 15 percent
Kiwi Income Property first-half pretax earnings fall 16 percent
Wellington's commercial property market to remain subdued: KIP
Kiwi Income Property Trust
Write-downs hurt Kiwi Income Property Trust but 1H distributable profit rose 9.1%