+++++++++++++++++++++++++ The Board of Grand Hotel Group (GHG) has announced that the final distribution for the Ordinary Stapled Securities for the six months ending 30 June 2002 is anticipated to be 6 cents per unit ($10.985 million) which will be fully tax deferred. This would bring the distribution for the twelve months ending 30 June 2002 to 6 cents per unit following the deferral of the December 2001 half-year distribution. This decision was made in light of the severe downturn in the tourism sector following September 11 and the collapse of Ansett Airlines. The distribution for the Ordinary Stapled Securities is to be underwritten to the amount of $4.5 million.
The distribution for Converting Preference Securities has been set at 9.32% per annum, on the issue price of $3.40 per Converting Preference Security. The dates for payment are 3 July 2002 for the Converting Preference Securities and 29 August 2002 for the Ordinary Stapled Securities. The actual amount of the distribution for Ordinary Stapled Securities will be set after the record date when audited accounts are received.
The Board of GHG confirms that securities issued under the Dividend and Distribution Reinvestment Plan (DRP) for the distribution ending 30 June 2002 will be issued at the weighted average market price for the 10 business days after the securities commence trading "ex" distribution on 24 June 2002. The last date for registration to participate in the DRP is the record date.
For the purpose of ASX listing rules and the Trust Deed, the record date for the distribution of Grand Hotel Trust in respect of Ordinary Stapled Securities and Converting Preference Securities for the six months ending 30 June 2002 will be 30 June 2002. All securities will trade ex distribution on 24 June 2002. Documents will be accepted for registration until 5.00pm on the record date by the Group's share registry. Computershare Investor Services Pty Ltd, Level 12, 565 Bourke Street, Melbourne, Victoria, 3000.
CAPITAL MANAGEMENT
GHG has engaged Macquarie Equity Capital Markets Limited to advise and arrange the issue of reset preference units as a substitute instrument for the Converting Preference Securities which are due to mature in December 2002 and December 2003. A further announcement will be made in relation to this matter when details have been finalised.
For all enquiries, please contact:
Garry Cameron MANAGING DIRECTOR Grand Hotel Group
Telephone: 03 9667 8888 Mobile: 0418 369 641
GHG Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
