Mariner loses responsibility for pipeline trust
The pre-Christmas decision by security-holders in the Mariner Pipeline Income Fund to dispense with Mariner Securities Limited as the responsible entity for the fund has also seen a name change to the Ethane Pipeline Income Fund.
The Australian Securities Exchange was notified today that Mariner Securities had been replaced as responsible entity for the fund by APA Ethane Limited.
The company announced to the ASX that the two trusts comprising the Mariner Pipeline Income Fund would change their names, with the Mariner Pipeline Income Fund becoming the Ethane Pipeline Income Trust while the Mariner Pipeline Income Financing Trust would become the Ethane Pipeline Income Financing Trust.
The APA Ethane announcement said that the policy of paying distributions from available net cash flows would continue, but in view of the need to make provision for the repayment of a debt facility and increased non-routine operating costs, future distributions for the remainder of calendar 2009 were expected to be less than prior distributions.
AUTHOR
Mike Taylor
Recommended for you
Multiple industry organisations have shared their thoughts on AFCA’s proposed rules amendment, supporting the idea of firms being named publicly when they fail to comply with determinations.
Channel Capital has appointed a head of investment oversight who joins from 14 years at asset consulting firm JANA Investment Advisers.
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
