Link REIT scales down units board lot

Finance | 13 Nov 2019 4:27 pm

Link REIT (0823) announced that the board lot size of the units for trading will be changed from 500 units to 100 units from January 2.

Given the share price of HK$81.3 as of 15:06, the minimum investment amount will drop to HK$8,130 from HK$40,650.

Chief executive George Hongchoy Kwok-lung, said retail investors  account for about 30 percent and he hopes the adjustment could attract more retail investors.

Chairman Nicholas Allen said the adjustment could make life of the shareholders easier.

Hongchoy said the tenants have a conservative attitude to the prospects of the retail industry.

Allen said Link REIT is not facing shop closures and occupancy rate is still high.

Link REIT said in the first half of the financial year, the company bought back 13 million units at an average unit price of HK$87.3 using HK$1.1 billion, and will continue the unit buyback program when the market conditions and regulations permit in the second half of the financial year.

“Our ability to execute this buyback program is however impacted by several factors including market condition, unit price, trading volume and other regulatory considerations,” Link REIT said.

Link REIT announced a plan to repurchase up to 60 million units in June.

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