The notes contain a condition which makes reference to controlling unitholders interest in FLCT or places restrictions on a change of control of the manager. Should the manager of FLCT resign or is removed and the substitute manager is not appointed in accordance with the trust deed constituting FCT, it will trigger a cross default under other borrowings of FLCT.
The aggregate level of facilities that may be affected is about $2.541 million.
Units in FLCT closed flat at 89 cents on Aug 15.
