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581-600 of 846
I will not count on their support
chengwh1 ( Date: 26-Oct-2020 15:33) Posted:
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The REIT Mgr and Sponsor will step-in to ' support the price' ,....price will stay above $2 till the end of this exercise,...
Stocky901 ( Date: 26-Oct-2020 14:03) Posted:
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Hit 1.99 even before xd. 😆
Stocky901 ( Date: 23-Oct-2020 14:19) Posted:
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Will it go below rights price of $1.99 after xd and xr?
What' s happening to this counter? Looks like it will soon hit the private tranche price Liao. Will the investors pull out and buy from market if that happens?
MLT placement oversubscribed preferential offering' s issue price set at S$1.99
Both components have been priced at the top ends of their indicative ranges
BOTH components of Mapletree Logistics Trust' s equity fund-raising to finance its Asia acquisition spree have been priced at the top ends of their indicative ranges.
MLT' s manager on Wednesday said the private placement was about 5.5 times covered, with the issue price fixed at S$2.027 per new unit.
The upsize option was exercised in full. The placement drew strong participation from new and existing institutional, accredited and other investors, said the manager.
The issue price represents a discount of about 2.5 per cent to the volume-weighted average price (VWAP) of S$2.0781 per unit for all trades in MLT units done on Monday, up to the time the underwriting agreement was signed.
It also represents a 1.2 per cent discount to the adjusted VWAP of S$2.0513 per unit.
Meanwhile, the issue price for the non-renounceable preferential offering has also been set at the top end of the price range, at S$1.99 per new unit. This is at a 4.2 per cent discount to the VWAP and a 3 per cent discount to the adjusted VWAP.
The preferential offering will be done on the basis of 19 new units for every 1,000 existing units held by eligible holders as at 5pm on Oct 28.
MLT will issue about 246.7 million new units under the private placement, and some 72.4 million new units under the preferential offering.
In connection with the private placement, the manager intends to declare an advanced distribution in respect of existing units for the period Oct 1 to the date prior to the issue of new placement units.
This will be together with the second quarter FY20/21 distribution of 2.055 Singapore cents per unit announced on Monday.
The quantum of the cumulative distribution is estimated to be between 2.669 Singapore cents and 2.687 Singapore cents per unit. The manager said it will make an announcement on the actual quantum in due course.
The new units from the placement are expected to be issued on or around Oct 29.
The manager intends to use around S$626.6 million of the gross proceeds of about S$644.1 million to partially fund MLT' s proposed S$1.09 billion acquisition of nine logistics properties in China, Malaysia and Vietnam, and also the remaining half stake in 15 properties in China.
The proposed acquisitions are subject to unitholder approval. If the acquisitions fall through, proceeds from the fund-raising will be redeployed for future investments and /or to pare debt.
Citigroup Global Markets Singapore, DBS, HSBC Singapore branch and OCBC are the joint global coordinators and book runners for the equity fund-raising.
Separately, MLT has announced it intends to buy a warehouse in Brisbane, Australia, for A$114 million. Following this, MLT will have three properties in Brisbane and 13 properties with over 347,287 sq m of leasable space in Australia.
The property was valued at A$114 million by Savills Australia as at Oct 15. The acquisition is expected to generate an initial net property income yield of 4.9 per cent.
Looks like Institutions buying spree now. Volume and price up!
Exisiting holders can apply for excess rigths, personally I would do so. I would not buy from the market at current price since I can get the new units for 1.99 and can apply for excess rights even though there is no guarantee that application for excess rights will be given in full, partial or none at all. However, other may want to buy it outright now from the market so they can be given more rights. From the price action so far, there is no lack of demand.
Solidgold ( Date: 21-Oct-2020 09:42) Posted:
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So will this spur more upside for those who wants to get a pie of the right shares?
HVRRVH ( Date: 21-Oct-2020 07:21) Posted:
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MLT proposes S$650m equity fundraising to partially fund Asia property acquisitions
MAPLETREE Logistics Trust' s (MLT) manager on Tuesday proposed an equity fundraising of new units in the trust to raise gross proceeds of up to S$650 million. This is to partially fund MLT' s acquisition of Asia logistics properties.
The trust is looking to acquire nine logistics properties in China, Malaysia and Vietnam, and also the remaining 50 per cent interest in 15 properties in China for a total of S$1.09 billion, the manager said on Monday in a separate bourse filing.
The fundraising exercise will take place via a private placement with an upsize option, as well as a non-renounceable preferential offering.
The private placement looks to raise gross proceeds of about S$450 million by issuing between 222 million and 228.1 million new units at an issue price of between S$1.973 and S$2.027 per new unit. It is also subject to an upsize option to issue up to about 25.3 million additional new units to raise around S$50 million.
The issue price range for the private placement represents a discount of between about 2.5 per cent and 5.1 per cent to the volume-weighted average price (VWAP) of S$2.0781 per unit in MLT of all trades in the units on the Singapore Exchange on Monday up to the time the underwriting agreement was signed on Tuesday. It also represents a discount of between about 1.2 per cent and 3.8 per cent on an adjusted VWAP of S$2.0513 per unit.
Through the preferential offering, the manager intends to issue up to around 76.2 million new units to eligible unitholders to raise up to S$150 million in proceeds. This will be at an issue price of between S$1.940 and S$1.990 per new unit.
The issue price range for the preferential offering represents a discount of between approximately 4.2 per cent and 6.6 per cent to the VWAP of S$2.0781 per unit. It also represents a discount of between around 3 per cent and 5.4 per cent on an adjusted VWAP of S$2.0513 per unit.
Out of the S$650 million in net proceeds, 97.3 per cent or about S$632.5 million will be used to partially fund the acquisitions, while 2.7 per cent or around S$17.5 million will be used to pay estimated professional and other fees and expenses incurred by the fundraising.
The acquisitions are subject to unitholder approval from an extraordinary general meeting. In the event MLT does not proceed with the proposed acquisitions, proceeds from the equity fundraising shall be redeployed to fund future investments and/or pare down debt, the manager said.
Citigroup Global Markets Singapore, DBS, HSBC Singapore branch and OCBC have been appointed the joint global coordinators and bookrunners for the equity fundraising.
Placement and Preferential offer have both been priced at the higher end of $2.027 and $1.99 respectively. Oversubscribed by 5.5 times as far as private placement is concerned. The strong interest resulted in the higher placement and preferential prices. The preferential offer has also been fixed at 19 new units for every 1000 existing units [no meat by the way]. Ex Rights on 27.10.20.
The number of new units that existing unit holders entitled to will be announced on 28 October after 5 pm.
So looks like there is 2 tranches. Private and preferential. Both discounts look quite close. Not sure if that will drive the price down once halt lifted.
I saw that too and am curious, as this will double existing holder?s holding! The capitalisation will also almost double but based on the announcements, the capitalisation will not double. Based on the intended new units to be issued and all existing units, most likely 161:1000. Guess just have to wait for confirmation/more information.
subaru ( Date: 20-Oct-2020 12:49) Posted:
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asking for money from investors. price to drop to 1.94.
1.94, 1:1
think the details will be announce after the trading halt.
HVRRVH ( Date: 20-Oct-2020 10:54) Posted:
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Price may weaken after halt is lifted.
How many new units for every 1000 existing units? Preferential offer price between 1.94 and 1.99. Placement price is higher.
a separate announcement after yesterday result announcement use a $1.96 value to estimate a new nav of $1.28 after the placement.
cucina ( Date: 20-Oct-2020 10:47) Posted:
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