Calan completes $12.83 million sale

With the sale now unconditional, $8.5 million of the $12.83 million is payable. The balance of $4.33 million, which attracts interest at the rate of 6.5% per annum, is payable over a maximum period of four years. The deferred settlement amount will be fully secured.

To this point, the $12.83 million has been a non-income producing asset, and it has had the effect of suppressing the Trust's earnings and distributions. This sale will deliver a significant increase to our earnings stream.

The sale value represents approximately 6% of the trust's total assets and is a significant step forward in making our portfolio fully yielding.

Over the past 18 months the trust has been aggressively pursuing a strategy of converting non yielding assets into yielding assets.

The sale proceeds will be used to retire debt.

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