GHG grand hotel group

Grand Hotels Group announcement

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    100% Tax Deferred Distribution

    GRAND HOTEL GROUP 2002-06-21 ASX-SIGNAL-G

    HOMEX - Melbourne

    +++++++++++++++++++++++++
    The Board of Grand Hotel Group (GHG) has announced that the final
    distribution for the Ordinary Stapled Securities for the six months
    ending 30 June 2002 is anticipated to be 6 cents per unit ($10.985
    million) which will be fully tax deferred. This would bring the
    distribution for the twelve months ending 30 June 2002 to 6 cents per
    unit following the deferral of the December 2001 half-year
    distribution. This decision was made in light of the severe downturn
    in the tourism sector following September 11 and the collapse of
    Ansett Airlines. The distribution for the Ordinary Stapled Securities
    is to be underwritten to the amount of $4.5 million.

    The distribution for Converting Preference Securities has been set at
    9.32% per annum, on the issue price of $3.40 per Converting
    Preference Security. The dates for payment are 3 July 2002 for the
    Converting Preference Securities and 29 August 2002 for the Ordinary
    Stapled Securities. The actual amount of the distribution for
    Ordinary Stapled Securities will be set after the record date when
    audited accounts are received.

    The Board of GHG confirms that securities issued under the Dividend
    and Distribution Reinvestment Plan (DRP) for the distribution ending
    30 June 2002 will be issued at the weighted average market price for
    the 10 business days after the securities commence trading "ex"
    distribution on 24 June 2002. The last date for registration to
    participate in the DRP is the record date.

    For the purpose of ASX listing rules and the Trust Deed, the record
    date for the distribution of Grand Hotel Trust in respect of Ordinary
    Stapled Securities and Converting Preference Securities for the six
    months ending 30 June 2002 will be 30 June 2002. All securities will
    trade ex distribution on 24 June 2002. Documents will be accepted for
    registration until 5.00pm on the record date by the Group's share
    registry. Computershare Investor Services Pty Ltd, Level 12, 565
    Bourke Street, Melbourne, Victoria, 3000.

    CAPITAL MANAGEMENT

    GHG has engaged Macquarie Equity Capital Markets Limited to advise
    and arrange the issue of reset preference units as a substitute
    instrument for the Converting Preference Securities which are due to
    mature in December 2002 and December 2003. A further announcement
    will be made in relation to this matter when details have been
    finalised.


    For all enquiries, please contact:

    Garry Cameron
    MANAGING DIRECTOR
    Grand Hotel Group

    Telephone: 03 9667 8888
    Mobile: 0418 369 641

 
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