Prime Trust announces September 2008 quarterly distribution
The Board of Prime Trust today announces a 1 cent per unit distribution for the September quarter, 100% tax deferred. This is in line with the announcement made by Prime Trust on the 28th August 2008. At that time it was advised that operating cash flows were being pushed into later months due to longer settlement periods on the purchase of accommodation units. In addition, there have also been delays in the delivery of stock from new retirement village developments which will also push sales and settlements to later this year. Accordingly, the Board believes it is prudent to lower the distribution rate and conserve cash.
The record date for the September distribution is 5.00pm (EDST) on 2 October 2008 and payment will be made on the 21 October 2008. The Prime Trust Distribution Reinvestment Plan (“DRP”) will continue to operate and the Allocation Price of securities to be issued under the DRP will be the Average Market Price of Prime Trust securities on the ASX over the 5 day Trading Day period from and including 26 September 2008.
Ends
SP down on this news. Time will tell whether the distributions will make up for it in the rest of the FY...
PTN Price at posting:
41.0¢ Sentiment: ST Buy Disclosure: Not Held
