Première Property Syndicate
as at 30 June 2010
The Première Property Syndicate comprises the Millennium Cinema and Entertainment Complex in Fremantle, WA and the Rockingham Cinema Complex in Rockingham, WA.
The Millennium Cinema complex includes four cinema theatres, two restaurants, a café as well as undercover parking. The Rockingham Cinema complex comprises six cinema theatres, a café with external seating and an amusement centre.
An update on the progress of the Syndicate can be found in the latest edition of
Viento Insider News.
Applications
|
Fully Subscribed
|
| Income Distributions |
Paid Quarterly
|
| Distribution Reinvestment |
Not available
|
| Minimum Withdrawal |
Not available until End Date
|
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Syndicate Structure
|
Fixed Term
|
Start Date
|
May 2003
|
End Date
|
May 2011
|
| Units on Issue |
10,150,000
|
Portfolio Purchase Price
|
$19,000,000 |
| Number of Properties |
2 |
| Occupancy Rate |
100% |
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| Financial Institution |
National Australia Bank
|
| Loan Amount |
$11,146,500 |
| Term of loan (years) |
Expires 31 December 2011
|
| Gearing Ratio1 |
58% |
| Loan to Value Ratio (LVR) |
Compliant |
| Current Interest Rate |
6.75% |
| Interest |
81% Fixed 19% Variable |
| Interest Cover2 (Times) |
1.87 |
| Interest Times Cover Ratio (ITCR) |
Compliant |
1 Calculated in accordance with ASIC's Regulatory Guide 46. The gearing ratio indicates the extent to which a scheme's assets are funded by external liabilities.
2 Calculated in accordance with ASIC's Regulatory Guide 46. The interest cover indicates a scheme's ability to meet interest payments from earnings. Note that the interest cover formula defined by ASIC is not the interest cover related formula (interest times cover ratio) adopted by our financiers.
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- The Net Tangible Asset value (NTA) is an indication of the value of the collective properties in the Syndicate, including acquisition costs. It does not include sale costs.
Financial Year
|
Unit Price
|
NTA |
2009/2010
|
1.00
|
0.73
|
| 2008/2009 |
1.00
|
0.65
|
2007/2008
|
1.00
|
0.74
|
| 2006/2007 |
1.00
|
0.69
|
2005/2006
|
1.00
|
0.72
|
2004/2005
|
1.00 |
0.90 |
2003/2004
|
1.00 |
0.85 |
2002/2003
|
1.00 |
0.82 |
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| Financial Year |
Quarter 1 |
Quarter 2 |
Quarter 3 |
Quarter 4 |
| 2009/2010 |
1.25 CPU |
1.25 CPU |
1.25 CPU |
1.125 CPU |
Historical Distributions
Financial Year
|
Cents Per Unit (CPU)
|
Return %
|
Taxable Component
|
| 2002/2003 |
TBA |
TBA |
75% Deferred |
| 2003/2004 |
9.50 |
9.86% |
100% Deferred |
| 2004/2005 |
11.00 |
11.46% |
84% Deferred |
| 2005/2006 |
10.50 |
10.92% |
80% Deferred |
| 2006/2007 |
4.75 |
4.84% |
100% Deferred |
| 2007/2008 |
6.00 |
6.14% |
100% Deferred |
| 2008/2009 |
5.00 |
5.00% |
60% Tax Free |
| 2009/2010 |
5.00 |
5.00% |
TBA |
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