Indiabulls Properties Investment Trust (IPIT) (SGX:F3EU) has on 22 June proposed a consolidation for its units on the Singapore Exchange to meet new listing requirements by the bourse.
The proposal involves the consolidation of every five existing units in IPIT held by unitholders at a books closure date, that has yet to be determined, into a single unit. The number of consolidated units will be rounded down to the nearest whole number and any fractions will be disregarded, said the trust.
The consolidation is being proposed to meet listing requirements by the Singapore Exchange which on 2 March 2015 implemented a minimum trading price requirement of SGD0.20 per unit for units of issuers listed on the mainboard of the bourse as a continuing listing requirement.
REITsWeek understands that counters that fail to meet these listing requirements will be placed on the watch-list and eventually delisted after thirty-six months cure period. The 6-month volume weighted average price of IPIT units is SGD0.0985.
The trust will be seeking unit holder’s approval for the consolidation at an extraordinary general meeting which date has yet to be announced.
Units of IPIT are currently listed on the Singapore Exchange at SGD0.09.