360 Capital Group Announces Special Dividend

Following the sale of the majority of the Groups funds management business in January 2017 the 360 Capital Group (ASX: TGP) proposed a capital reconstruction to rebalance the capital between the Trust and the Company. The Group’s capital structure requires a rebalancing in order for the Trust to be provided with the necessary capital base to carry out its strategy of making real estate debt and equity investments. Securityholders were presented this reconstruction at the Group’s recent AGM with greater than 96% of security holders voting in favour to proceed.

On the 30 October 2017, the Group made an announcement setting out the details of this capital reallocation. The Group advises a further amendment to its constitution is required, to provide additional clarity, to give effect to the capital reallocation proposal approved by members on 27 October 2017. Accordingly, the payment of a special dividend of 21.01 cents per share and the reinvestment of that amount into the Trust, as referred to in the 30 October 2017 announcement, will not proceed. The Group included in this previous announcement the proposed record date for the special dividend as Friday, 24 November 2017 and the scheduled payment of the special dividend and corresponding reinvestment as Friday, 1 December 2017. These will no longer proceed on those dates.

The Group still intends to proceed with the capital reallocation as soon as possible, however, it will be deferred and will only occur once that further amendment is approved by members. Otherwise, at this stage there are no changes to the capital reallocation proposal. 360 Capital expects that the meeting to approve those amendments will occur in December 2017, this should enable the capital reallocation to proceed without any further undue delay. Record and payment dates will be announced following the meeting. As the previous amendments were approved by a 96% majority, 360 Capital expects the resolutions to be passed. 360 Capital will also apply to the Australian Taxation Office for an updated class ruling so as not to delay implementation of the capital reallocation proposal.


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