SAXO - Intermediate Securities Distribution

Any idea what does Intermediate Securities Distribution mean?
I got an Corporate Action on my MIT Reits with the outcome "Receive 1 SGX... (LOCK-XXX) for every 1 held. Reinvestment price SGD 2.64.
Also see in my positions I have new shares of MIT but it currently has a "Locked" sign where i'm unable to 'Close' positions with P/L of 1SGD.

Any idea what does this mean?

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Tan Choong Hwee

28 May 2021

Investor/Trader at Home

This refers to MIT rights issues. Today (28 May 2021) is the ex-rights date for MIT's 5-for-100 rights issues price at SGD2.64. Meaning for every 100 shares of MIT you owned yesterday, you are entitled to subscribe 5 rights by paying SGD2.64 per rights during the subscription period from 3 June to 11 June. This MIT rights issues are non-renouceable, meaning you can't sell the rights in SGX. Your only choice is to subscribe or not to subscribe.

I'm not familiar with Saxo, but I'm guessing your new shares of MIT are "locked" because you need to subscribe in order to unlock them.

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