SYDNEY, March 20 (Reuters) - Australian property developer Mirvac Group Ltd will cut its 2009 year distribution to between 8 and 9 cents per security, from 13.4 cents, to strengthen its financial position.
'No distribution will be paid in respect of the March quarter with the balance paid for the June quarter. For the year to date, 7.8 cents per stapled security has been paid,' Mirvac said in a statement.
'This new distribution policy is expected to change Mirvac's net cash flow from a forecast negative A$110 million ($76 million) to a positive position for the remainder of FY09 and FY10.'
(Reporting by Jonathan Standing) ($1=1.450 Australian Dollar) Keywords: MIRVAC/ (jonathan.standing@reuters.com; +61 2 9373 1826) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
'No distribution will be paid in respect of the March quarter with the balance paid for the June quarter. For the year to date, 7.8 cents per stapled security has been paid,' Mirvac said in a statement.
'This new distribution policy is expected to change Mirvac's net cash flow from a forecast negative A$110 million ($76 million) to a positive position for the remainder of FY09 and FY10.'
(Reporting by Jonathan Standing) ($1=1.450 Australian Dollar) Keywords: MIRVAC/ (jonathan.standing@reuters.com; +61 2 9373 1826) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.