Lippo Malls Indonesia will not pay June 19 distribution

By Mary-Katherine Stinson

Lexington, Ky., May 31 – Lmirt Management Ltd., the manager of Lippo Malls Indonesia Retail Trust, notified holders of Lippo’s S$120 million perpetual securities (ISIN: XS1632471352) issued on June 19, 2017 that Perpetual (Asia) Ltd., the trustee, has elected not to pay the distribution scheduled for June 19, according to a notice.

The unpaid distribution is non-cumulative and does not accrue distribution.

The decision has triggered the dividend stopper provisions of the perpetual securities.

As a result, Lippo will not pay any dividends or redeem any of its S$140 million perpetual securities issued on Sept. 27, 2016 (ISIN: SG74H8000008) until a redemption of all outstanding perpetual securities has occurred, the next scheduled distribution has been paid in full, or an optional distribution equal to the amount of the most recent unpaid distribution is paid, or issuer is permitted to do so by an extraordinary resolution of the perpetual security holders.

Lippo Malls Indonesia is a Singapore-based real estate investment trust.

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