Ascott Reit to raise $253.7m in rights issue

ASCOTT Residence Trust has launched an underwritten renounceable rights issue to raise about $253.7 million, with existing unitholders being offered 253.7 million rights units at a ratio of one unit for every five already held, as at the book closure date.

The rights units are being issued at $1 each, which represents a discount of about 22.5 per cent to yesterday's closing of $1.29 per unit. It is also a 23.7 per cent discount to Ascott Reit's pro-forma net asset value per unit of $1.31, and a discount of about 19.5 …