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DPU of 1.75 Singapore cents declared for the quarter Cash earnings1 of S$13.9 million for the quarter Distribution payouts underpinned by steady cash flows DPU of 1.75 cents declared for the quarter in line with previous target guidance – CitySpring Infrastructure Management Pte Ltd (“Trustee-Manager”), the Trustee-Manager of CitySpring Infrastructure Trust (“CitySpring”), today announced the results for CitySpring for the first quarter ended 30 June 2009 (“1Q FY10”).
Summary of Results
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_265B1155C69AB1E34825760F0047CE3B/$file/Press_release_1QFY10.pdf?openelement
FIRST QUARTER FINANCIAL STATEMENT AND DIVIDEND ANNOUNCEMENT
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_265B1155C69AB1E34825760F0047CE3B/$file/Results_announcement_1QFY10.pdf?openelement
Key Highlights:
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Singapore, 11 August 2009
CitySpring achieved cash earnings of S$13.9 million for the quarter, marking a good start for the financial year with its three assets performing to expectation and generating stable cash flows. A distribution per unit (“DPU”) of 1.75 Singapore cents has been declared for the quarter.
katak88 ( Date: 14-Aug-2009 10:25) Posted:
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CITYSPRING INFRASTRUCTURE TRUST
(Business Trust Registration No. 2007001) CITYSPRING RIGHTS ISSUE TO RAISE GROSS PROCEEDS OF S$235.2 MILLION Singapore, 14 August 2009
The Rights Issue will enable CitySpring and its subsidiaries (“Group”) to strengthen its balance sheet and enhance its financial flexibility to position for potential investment opportunities for organic and inorganic growth, as well as provide unitholders of CitySpring with the pre-emptive opportunity to subscribe for new units (“Rights Units”) at a discount.
The Rights Issue is fully underwritten by DBS Bank Ltd. (“DBS Bank”) and UBS AG, acting through its business division, UBS Investment Bank, which have also been appointed as Joint Financial Advisers and Lead Managers of the Rights Issue.
CitySpring's largest unitholder, Temasek Holdings (Private) Limited (“Temasek”), which holds an aggregate of 27.77% of the units in issue through its wholly-owned subsidiaries, is supportive of the Rights Issue and is sub-underwriting 32.01% of the Rights Issue. As Temasek’s interest in CitySpring will remain below 30% of the total number of units after the Rights Issue, it will not incur an obligation to make a mandatory general offer for CitySpring. The Directors of the Trustee-Manager intend to take up their entitlements under the Rights Issue in full. Key Rationale of the Rights Issue Strengthen Balance Sheet of CitySpring and Enhance Financial Flexibility for Growth The net proceeds of the Rights Issue of S$227.5 million, after taking into account the estimated fees and expenses in connection with the Rights Issue, will be applied to repay part of the S$370 million term loan facility (“TLF”) granted by DBS Bank to CitySpring in 2008. CitySpring has received in-principle credit approval from DBS Bank for a new S$370 million revolving credit facility (“RCF”). It is intended that the TLF will be replaced by the RCF, so that on completion of the Rights Issue and subject to the terms of the RCF,
CitySpring will have a S$370 million RCF, of which approximately S$142.5 million (equal to the remaining outstanding amount under the TLF) will be utilised with the balance S$227.5 million under the RCF being available on a committed basis.
The Rights Issue will reduce the borrowings at the CitySpring level, resulting in net savings of approximately S$4.7 million per annum. This will help to free up the credit facility available to the Group, thereby enhancing its financial flexibility to position for potential investment opportunities. Provide Unitholders with a Pre-emptive Opportunity to Subscribe for New Units The Rights Issue also provides unitholders with the pre-emptive opportunity to subscribe for their
Unitholders who decide not to accept in full their provisional allotments of Rights Units can trade their “nil-paid” rights during the “nil-paid” rights trading period to realise the value for their “nil-paid” rights. Unitholders may also apply for excess Rights Units.
Mr Fai Au Yeung, CEO of Trustee-Manager, said, “We very much value the support of our unitholders. This renounceable rights issue allows all unitholders to participate in the capital raising, and at the same time, gives them the flexibility to monetize their nil-paid rights if they so choose. With the proceeds from the Rights Issue, CitySpring will be in a better position to pursue organic and inorganic growth opportunities.”
The Rights Units will be entitled to any distribution declared for the second quarter ending 30 September 2009 ("2Q FY10") as well as all distributions thereafter.
An application will be submitted to the Singapore Exchange Securities Trading Limited for the listing of the Rights Units. Upon receipt of the approval for listing, the Trustee-Manager will lodge an offer information statement (“OIS”) for the Rights Issue with the Monetary Authority of Singapore.
Full details of the terms and conditions of the Rights Issue will be set out in the OIS which will be despatched to entitled unitholders.
Key Terms of the Rights Issue
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_0BCFA50C99447523482576120001C3F0/$file/Press_Release.pdf?openelement
CITYSPRING RIGHTS ISSUE TO RAISE GROSS PROCEEDS OF S$235.2 MILLION
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_0BCFA50C99447523482576120001C3F0/$file/Rights_Issue_Announcement.pdf?openelement
Notice of Books Closure Date & Distribution Payment Date
Notice is hereby given that the Transfer Books and Register of Unitholders of CitySpring Infrastructure Trust (“
Unitholders whose securities accounts with The Central Depository (Pte) Limited are credited with Units at 5.00 p.m. on 26 August 2009 will be entitled to the Distribution to be paid on 10 September 2009.
CitySpring”) will be closed at 5.00 p.m. on 26 August 2009 for the purposes of determining each Unitholder’s entitlement to CitySpring’s distribution (“Distribution”) of 1.75 Singapore cents per unit in CitySpring (“Unit”) for the quarter from 1 April 2009 to 30 June 2009.
Important Dates and Times
Date/Deadline Event
24 August 2009 ******************
Units trade ex-Distribution26 August 2009 / 5.00 p.m. ****
Books Closure Date for the purposes of entitlement to the Distribution10 September 2009 *************
By Order of the Board of
Payment of DistributionCitySpring Infrastructure Management Pte. Ltd.
as Trustee-Manager of
CitySpring Infrastructure TrustSusanna Cher
Company Secretary
11 August 2009
Singapore
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_82A9A0EB9615AE374825760F00438A9F/$file/Notice_of_Books_Closure_Date.pdf?openelement
CITYSPRING INFRASTRUCTURE TRUST
DPU of 1.75 Singapore cents declared for the quarter
Key Highlights:
•
Cash earnings1 of S$13.9 million for the quarter•
Distribution payouts underpinned by steady cash flows•
DPU of 1.75 cents declared for the quarter in line with previous target guidanceSingapore, 11 August 2009
CitySpring achieved cash earnings of S$13.9 million for the quarter, marking a good start for the financial year with its three assets performing to expectation and generating stable cash flows. A distribution per unit (“DPU”) of 1.75 Singapore cents has been declared for the quarter.
– CitySpring Infrastructure Management Pte Ltd (“Trustee-Manager”), the Trustee-Manager of CitySpring Infrastructure Trust (“CitySpring”), today announced the results for CitySpring for the first quarter ended 30 June 2009 (“1Q FY10”).Summary of Results
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_265B1155C69AB1E34825760F0047CE3B/$file/Press_release_1QFY10.pdf?openelement
FIRST QUARTER FINANCIAL STATEMENT AND DIVIDEND ANNOUNCEMENT
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_265B1155C69AB1E34825760F0047CE3B/$file/Results_announcement_1QFY10.pdf?openelement
RESULTS FOR THE QUARTER ENDED 30 JUNE 2009
CITYSPRING INFRASTRUCTURE TRUST
(Business Trust Registration No. 2007001)
Notice of Books Closure Date & Distribution Payment Date
Notice is hereby given that the Transfer Books and Register of Unitholders of CitySpring Infrastructure Trust (“
Unitholders whose securities accounts with The Central Depository (Pte) Limited are credited with Units at 5.00 p.m. on 10 June 2009 will be entitled to the Distribution to be paid on 26 June 2009.
CitySpring”) will be closed at 5.00 p.m. on 10 June 2009 for the purposes of determining each Unitholder’s entitlement to CitySpring’s distribution (“Distribution”) of 1.75 Singapore cents per unit in CitySpring (“Unit”) for the quarter from 01 January 2009 to 31 March 2009.Important Dates and Times
Date/Deadline ----------------- Event
8 June 2009 -------------------
Units trade ex-Distribution10 June 2009 / 5.00 p.m. --
Books Closure Date for the purposes of entitlement to the ------------------------------------------ Distribution26 June 2009 ------------------
By Order of the Board of
Payment of DistributionCitySpring Infrastructure Management Pte. Ltd.
as Trustee-Manager of
CitySpring Infrastructure Trust
Susanna Cher
Company Secretary
25 May 2009
Singapore
Investor and Media enquiries:
Ivan Tan
Weber Shandwick
T: +65 6825 8027
E: itan@webershandwick.com
CitySpring Q409 DPU rises 9.4% to 1.75cents
CITYSPRING Infrastructure Trust reported Q409 cash earnings rose 7.3 per cent to $21.8 million. For FY09, however, earnings fell 11.9 per cent to $60.9 million. Q4 distribution per unit (DPU) rose 9.4 per cent to 1.75 cents from 1.60 cents previously.