Members have held the MXUPAs for many years and they have paid us a fantastic yield during time without ever skipping a payment.
We got the update on the MXUPAs we have been waiting for this morning which confirmed that the trustee would look to redeem these hybrids once the settlement of the properties within the trust completes. This sale has been delayed a little with FIRB approval still pending “ this is not likely to be an issue whatsoever” so redemption of the hybrids is now expected to complete on 31 December for a final price of $100 per MXUPA as well as outstanding interest between 1 October and 31 December (roughly $1.30 per MXUPA).
MXUPA is trading this morning around face value of $100 which, given the time remaining before redemption and the low risk of the redemption not completing, is appropriate. There is about a 1.3% return on offer at this price for a three month hold which we are happy to hold for while also avoiding paying brokerage on any sale. MXUPA therefore remains a hold while we await redemption.
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