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Johannesburg - Property fund Redefine Income Fund [JSE:RDF] announced on Monday after its annual general meeting that unitholders passed a resolution to change the frequency of income distributions from quarterly distributions to semi-annual distributions in respect of the six months ending February and August of each financial year.
"The resolution requires the debenture trust deed to be amended, and Redefine's first quarter distribution for the three months to 30 November 2010, scheduled to be announced on 2 February 2011, will still be distributed. The next distribution will be in respect of the three months ending 28 February 2011 and thereafter, for the six months ending 31 August 2011," it said in the statement.
Redefine financial director Andrew Konig said unitholders will benefit because the company will earn interest on surplus cash, which will result in additional income to distribute to unitholders.
"In the 2011 financial year, this will translate into an additional R10m, and in 2012 it will provide approximately R20m in additional income.
"In addition, having non-recurring income spread over a six month period will result in more consistent and predictable distributions that our unitholders can depend on," he said.
"The resolution requires the debenture trust deed to be amended, and Redefine's first quarter distribution for the three months to 30 November 2010, scheduled to be announced on 2 February 2011, will still be distributed. The next distribution will be in respect of the three months ending 28 February 2011 and thereafter, for the six months ending 31 August 2011," it said in the statement.
Redefine financial director Andrew Konig said unitholders will benefit because the company will earn interest on surplus cash, which will result in additional income to distribute to unitholders.
"In the 2011 financial year, this will translate into an additional R10m, and in 2012 it will provide approximately R20m in additional income.
"In addition, having non-recurring income spread over a six month period will result in more consistent and predictable distributions that our unitholders can depend on," he said.
