News and Announcements
Unity Pacific Group AGM Presentation and Chairman’s Address
- Published October 05, 2016 1:29PM UTC
- Publisher Wholesale Investor
- Categories Company Updates
29th September 2016, ASX Announcement
Business Highlights and Update
At the start of the 2016 financial year we announced changes to our business. After a considered review, the Board concluded that Unity Pacific would cease pursuing growth opportunities in the property funds management sector. Despite Unity Pacific being financially well positioned to pursue such opportunities, we determined we could not meet our objective to generate sustainable distributions for securityholders to underpin an improved security trading price within an acceptable timeframe.
As a result of this decision, a capital distribution of 42 cents per security was announced and subsequently paid on 31 August 2015. The total distribution of $15.04 million was funded by those surplus cash reserves which had previously been reserved for business acquisition activities.
With Unity Pacific’s strategic direction now determined, the next phase involved the sale of the remaining real property assets, capital management initiatives and other corporate activities including the sale of the corporate vehicle.
To view the full Chairman’s Address, please click on the button below.
To view the full Presentation, please click on the button below.
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