You are here
Croesus Retail Trust launches private placement to raise up to S$54 million
CROESUS Retail Asset Management, as trustee-manager of Croesus Retail Trust (CRT), announced late Wednesday the launch of a private placement of 60 million new units in CRT at an issue price of between 74.5 Singapore cents and 77 Singapore cents per new unit to raise gross proceeds of up to S$46.2 million.
In the event that the private placement is oversubscribed, CRT may increase the size of the private placement and issue up to 10 million additional new units to raise up to S$7.7 million of additional gross proceeds.
The private placement is being conducted to finance potential acquisitions to grow CRT's existing portfolio and potentially increase the trading liquidity of its units.
In conjunction with the private placement, CRT will be conducting an advanced distribution for the period between Jan 1, 2016, and April 3, 2016, of an estimated 1.9 Singapore cents per unit to existing unitholders. This is to ensure that the distributable income accrued by CRT up to the day immediately preceding the issue date of the new units is only distributed in respect of the existing units, and is being proposed as a means to ensure fairness to the holders of existing units.
Payment of the advanced distribution is expected to be on or around June 29.
Trading in CRT units was halted on Thursday pending an announcement.