Selected brokerage fees to be waived for FLT odd lots following merger
UNITHOLDERS who receive odd lots of Frasers Logistics & Industrial Trust (FLT) units in its proposed merger with Frasers Commercial Trust (FCOT) will not have to pay brokerage fees to certain brokers for odd lots trades carried out within a month of the units being allotted and issued.
In an announcement on Tuesday, FCOT's manager said it has made the arrangement with DBS Vickers Securities, OCBC Securities and Phillip Securities to exempt from brokerage fees all odd lots trades carried out via DBS Vickers Securities or the online trading platforms of OCBC Securities or Phillip Securities.
The trades must be either an aggregate of 99 or fewer FLT units bought in a single day, or an aggregate of 99 or fewer FLT units sold in a single day, and must take place within one month starting from the date of allotment and issuance of the consideration units. Clearing fees and other regular trading fees imposed by the Singapore Exchange Securities Trading will still apply.
The arrangement is meant to facilitate the trading of odd lots of FLT units, so that FCOT unitholders will be able to round up or down their holdings to multiples of 100 FLT units.
The manager has also arranged with OCBC Securities and Phillip Securities to provide buy-side facilities for odd lots trading of FLT units. However, FCOT unitholders should note that the arrangement does not guarantee that the FLT units in odd lots will be traded at the same or similar levels of prices at which they will be trading in board lots.
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