Conversion of Prime Trust Units to Issuer-Sponsored Subregister

 

Unitholders may have been alarmed recently to see that their holdings of Prime Trust units are now showing a nil balance.  Please note that there is no cause for concern, the units have simply been converted from the Chess register to the Issuer-sponsored subregister.  This is not unusual in the case of companies which are suspended for a lengthy period, or in cases where a company enters administration or receivership.  Unitholders remain the beneficial owner of the units but there would now be a different process involved in selling the units on-market if the current trading suspension were to be eventually lifted.  Alternatively, if the trading suspension is lifted, it is likely that the units would be converted back to the Chess register.  The following link provides further details:

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