Elite REIT launches £28m fully underwritten preferential offering
The REIT aims to use gross proceeds from the offering to repay debts.
Elite REIT has offered 103,354,690 new units to its existing unitholders to raise £28m.
The preferential offering units are offered at a ratio of 214 preferential offering units for every 1,000 existing units in the REIT.
The REIT priced its preferential offering at £0.27 per unit, a discount of 10% to the volume weighted average price of £0.30 per unit on 18 December.
Collectively, Elite REIT’s sponsors and substantial unitholders have undertaken to subscribe for up to a maximum of £24.7m or 88.6% of the preferential offering units.
“The remaining amount of the preferential offering units will be fully underwritten by CGS-CIMB Securities (Singapore) and RHB Bank Berhad through its Singapore branch,” the REIT said.
The REIT plans to use the gross proceeds for the issuance to repay debt and reduce gearing.
Read Here
Advertise
Sign Up
