The payment of the SPS preference securities distribution for the period ending 30 September 2011 of $7,425,000 ($2.97 per unit) is to be paid on 14 October 2011. The financial effect of this distribution has not been brought to account in the financial statements for the year ended 30 June 2011 and will be recognised in subsequent financial reports. The proposed distribution is fully franked. On 1 October 2011 the distribution on the SPS preference securities will be “stepped up”. As a result, the distribution margin will increase from 3.5% to 6.0% with effect from the distribution period ending 31 March 2012. While the SPS have no fixed maturity date, the Trust retains the ability to redeem or convert the SPS at subsequent distribution payment dates.
TPI Price at posting:
66.9¢ Sentiment: Hold Disclosure: Held