Centro scraps half-year distribution 6:11 PM, 19 Jun 2008 By a staff reporter
Embattled Centro Properties Group will not be paying a distribution to ordinary securityholders for the six months ended June 30, 2008.
Shares in the Melbourne-based group, seeking to repay about $US2.8 billion in debt, fell 3.6 per cent to $0.27 on Thursday.
In a statement to the Australian Securities Exchange, Centro said under the terms of Centro Property Trust's constitution, an amount equivalent to the trust's taxable income is required to be distributed.
"However, no taxable income is forecast for the FY2008 year," it said.
"While Centro expects to record an operating distributable profit for the year, it has incurred significant non-operating refinancing and adviser fees. In addition, Centro's financial arrangements are such that it is not in a position to fund a distribution."
Centro "anticipates" that it will announce its annual results to the ASX on August 28, 2008.
Ends.
Cheers, Pie :)
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