27 May 2020 18:39:00
Notification of Exercise of Rights under Lease Agreement
No. TT/IM 140/2020 28 May 2020 Re Notification of Exercise of Rights under Lease Agreement To The President The Stock Exchange of Thailand As TMB Asset Management Company, Limited (the "Management Company") on behalf of the Management Company of Luxury Real Estate Investment Fund ("LUXF") has received additional information from Sustainable Luxury Hospitality (Thailand) Limited ("SLH") as the lessee of the property invested by LUXF i.e. the Six Senses Yao Noi located on Yao Noi Island, Amphoe Koh Yao, Phang Nga Province (the "Hotel") on May 25, 2020, to exercise its rights under the lease agreement in refrainment from the Fixed Rent payment for the duration of the Force Majeure event. Formerly, SLH would like to exercise such rights for the rent duration from April 2020 onwards until such Force Majeure event would end. From the additional information received, SLH would like to exercise such rights for the rent duration from March 2020 onwards until such Force Majeure event will end. This is due to the pandemic of Corona Virus 2019 (Covid-19) which has continuously affected since March 2020 until now, resulting in a significant decrease in the number of tourists visiting Thailand, and the hotel business is one of the businesses affected by such a crisis. The Management Company has considered the element of the pandemic of Corona Virus 2019 (Covid-19) and the effect from the turnover of the Hotel, the Management Company by the resolution of the investment committee on May 27, 2020, has approved SLH to exercise such rights under the lease agreement. In addition, the Management Company will discuss with SLH in seeking any necessary and appropriate measures and will decrease any fixed cost of maintaining the asset of property fund to be in good condition for seeking benefit afterward, for minimizing effect from this crisis to the unitholders of LUXF. Yours faithfully, Phiphat Phisanuwongrak Authorized Signatory ______________________________________________________________________ This announcement was prepared and disseminated by listed company or issuer through the electronic system which is provided for the purpose of dissemination of the information and related documents of listed company or issuer to the Stock Exchange of Thailand only. The Stock Exchange of Thailand has no responsibility for the correctness and completeness of any statements, figures, reports or opinions contained in this announcement, and has no liability for any losses and damages in any cases. In case you have any inquiries or clarification regarding this announcement, please directly contact listed company or issuer who made this announcement.