CDLHT's DPS down 3% in Q3 due to effect of rights issue

Singapore

CDL Hospitality Trusts posted on Friday a lower distribution per stapled security (DPS) for the third quarter, due to the effect of a rights issue that was completed in August.

For the three months ended September 30, 2017, DPS stood at 2.29 cents, down from 2.36 cents the year before.

Excluding the effect of the rights issue, where CDLHT raised total gross proceeds of S$255.4 million, DPS for Q3 17 would be 2.74 cents, up from 2.44 cents in Q3 16.

In a Singapore Exchange filing, the trust said that for the quarter ended Sept 30, 2016, DPS has been restated to reflect the effect of bonus element in the rights issue, with the exercise price being lower than th…