K-Reit: Time needed to process rights
We refer to Denis Distant’s letter, ‘K-Reit Asia rights issue - why so slow?’ (BT, May 6, 2008).
K-Reit Asia’s closing date for application of rights units was April 25, 2008. The period between this date and May 8, the listing date of the rights units, was necessary to allow for smooth processing of the rights issue.
This involves adherence to a set of procedures including the validation of the acceptance of rights entitlements and application for excess rights units, transfer of subscription monies as well as allotment, crediting and issue of the rights units.
The manager of K-Reit Asia has nevertheless worked closely with the relevant parties to expedite the process, and the results of the rights issue were announced on May 5, 2008.
We understand that Olam International did a preferential offering while K-Reit Asia’s exercise was a renounceable rights issue for which more time must be allowed so that unitholders have the opportunity to trade their ‘nil-paid’ rights entitlements on SGX-ST.
We wish to thank Mr Distant for his feedback.
Choo Chin Teck
Joint company secretary
K-Reit Asia Management Limited
Source : Business Times - 07 May 2008
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