News Detail

Date/Time
27 Nov 2020 18:01:00
Headline
Notification of the Progress of Exercise of The Rights under the Lease Agreement and the Postponement of Rental Payment
Symbol
LUXF
Source
LUXF
Full Detailed News
Download Full Detailed News
                No.  TT/IM 268/2020                                
27 November 2020

Re     Notification of The Progress of Exercise of The Rights Under The Lease 
Agreement And The Postponement of Rental Payment

To    The President
    The Stock Exchange of Thailand

Ref:    1.     Letter No. TorTor./JorTor. 113/2563 dated 29 April 2020 re The Exercise
 of The Rights Under The Lease Agreement
    2.     Letter No. TorTor./JorTor. 140/2563 dated 29 April 2020 re The Exercise of 
The Additional Rights Under The Lease Agreement
    3.    Letter No. TorTor./JorTor. 223/2563 dated 26 August  2020 re Notification of
 The Progress of Exercise of The Rights Under The Lease Agreement

    As TMB Asset Management Company, Limited (the "Management Company") on behalf 
of the Management Company of Luxury Real Estate Investment Fund ("LUXF") has
received information from Sustainable Luxury Hospitality (Thailand) Limited
("SLH-Lessee") 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") to exercise its rights under the lease agreement in refrainment
from the Fixed Rent payment for the duration of the Force Majeure event, for the
rent duration from March 2020 onwards until such Force Majeure event would end.
This is due to the pandemic of Corona Virus 2019 (Covid-19) which has
continuously been affected since March 2020 until now, which shall deem that the
Force Majeure under the Lease Agreement shall be effective. Although according
to the Hotel's operating result during the time resulting in the Force Majeure
under the Lease Agreement shall not be effective for the rental payment in
September 2020, the Force Majeure under the Lease Agreement shall be effective
for the rental payment from March to August 2020. Furthermore, according to the
financial forecast from SLH-Lessee, the Force Majeure under the Lease Agreement
will be effective for the rental payment in October and November 2020 as well.

    SLH-Lessee had a written notice to request for postponing the payment of the 
rental payment under the Lease Agreement which occurred in September 2020 and
will be payable together with the other outstanding rental payment (if any) at
the year-end of 2020. The investment committee of LUXF has the resolution to
approve such postponement of rental payment under the Lease Agreement as
requested. However, LUXF was under discussion and negotiation on the condition
of profit, revenue, and expense sharing due to the effect of the Force Majeure
condition under the lease agreement, since the hotel business affected by the
pandemic of Corona Virus 2019 (Covid-19).

Furthermore, LUXF will continue monitoring the Force Majeure event and notifying
 of any details to the unitholders of LUXF accordingly.

                            Yours faithfully,


                        
         Phiphat Phisanuwongrak

             Authorized Person
______________________________________________________________________
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.