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
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