Frasers holders convert series A convertible perpetual preferreds

By Marisa Wong

Madison, Wis., March 5 - Frasers Commercial Trust said that holders of its series A convertible perpetual preferred units exercised their conversion right for 53,465 of the series A convertible perpetual preferreds.

Those series A preferreds will be converted into 45,133 new ordinary units on April 1.

The number of conversion units was calculated based on a conversion price of S$1.1845 per conversion unit with any fractional units disregarded.

The number of series A preferreds outstanding after following the conversion is 178,479.

The conversion units are not entitled to any distributions on the trust's ordinary units, which may be declared for the period from Jan. 1 to March 31. The conversion units will be placed in a separate stock counter until the books closure date for the ordinary units distribution. After that time, the separate stock counter will be merged with the main counter for the trust's ordinary units.

The trust is managed by Frasers Centrepoint Asset Management (Commercial) Ltd., a division of Frasers Centrepoint Ltd., which is a wholly owned subsidiary of Frasers and Neave, Ltd. and a residential property developer and retail mall owner and operator in Singapore.

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