As a result, LMIRT’s unitholders are unlikely to receive DPU until such time as these perpetual securities distributions resume or the perpetual securities are redeemed.
Lippo Malls Indonesia Retail Trust’s (LMIRT) manager says that it has informed holders of its $140 million perpetual securities tranche issued in September 2016 that the manager will not be paying distributions scheduled for March 27.
“The unpaid March 2023 Distribution is non-cumulative and does not accrue distribution. As a result of the exercise of this discretion, the dividend stopper provisions under the Perpetual Securities are applicable. The Issuer shall not: (A) declare or pay any dividends, distributions or make any other payment on, and will procure that no dividend, distribution or other payment is made on the Units or (except on a pro rata basis) the $120,000,000 Perpetual Securities issued on June 18, 2017,” LMIRT’s manager says.
