This article is from the Australian Property Journal archive
TWO Charter Hall property trusts are proposing to consolidate their units on issue to reduce the number of shares.
The Charter Hall Retail REIT will consolidate units on issue on a 1 for 5 basis, effective September 01, reducing the number of units on issue from 1.5 billion to approximately 306 million.
CQR said the consolidation will not affect a unitholder’s percentage holding in the REIT or the value of the unit holding on the date of consolidation, apart from the rounding of fractional entitlements. Additionally, as the consolidation does not involve a return of capital to unitholders, there is no direct impact on the REIT’s market capitalisation or net assets.
The Charter Hall Office REIT is also proposing to consolidate units on issue on a 1 for 10 basis, reducing the number of units on issue from approximately 4.93 billion to approximately 493 million.
Australian Property Journal
