First REIT Unitholders Vote In Approval Of Proposed Restructuring
January 20, 2021 – First REIT announced that its unitholders voted in favor of the restrucuting and recapitalising the REIT to avoid debt default.
About 91.25% of unitholders in the EGM voted ‘yes’ for the restructuring of LPKR Master Lease Agreement (MLA).
The restructuring and recapitalisation program will allow First REIT to avoid an imminent default of repayment obligation due on 1 March 2021.
First REIT also carried out its rights issuances to raise gross proceeds of approximately S$158.2 million (US$119 million).
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