Frasers Hospitality Trust to raise up to S$123m by selling 150m new stapled securities
THE manager of Frasers Hospitality Trust plans to raise up to S$123 million by placing out 150 million new stapled securities at 81-82 Singapore cents apiece to fund its acquisition of Sofitel Sydney Wentworth.
The indicative offer prices represent a discount between 4.2 and 5.4 per cent of the counter's volume-weighted average price of 85.58 Singapore cents on Thursday. The size of the offering is about 12.5 per cent of the existing issued units for the Trust.
TCC Hospitality, which currently holds a 39.56 per cent stake in Frasers Hospitality Trust, will take a proportionate stake of the offering securities to maintain its interest in the Trust.
The manager will declare an advanced distribution of about 2.1 Singapore cents per security to existing security holders for the period from April 1 to July 5, 2015 to ensure that distributable income accrued by the Trust before the new securities are issued are distributed only to existing holders.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Volkswagen workers vote decisively to unionise in Tennessee
Sony deal for Paramount would draw added regulatory scrutiny
Bitcoin 'halving' has taken place: CoinGecko
Lululemon to shutter Washington distribution center, lay off 128 employees
Wall Street bonus rules return to regulatory agenda in third try
Honda to invest US$808 million in Brazil by 2030