Aims Apac Reit preferential offering closes with valid acceptances of 69%; total applications at 200%

AIMS Apac Reit : O5RU 0% has received valid acceptances and excess applications of 204.1 per cent of the total number of new units available at the close of its preferential offering on Jun 22. Valid acceptances, however, came to only 69.2 per cent.

In a bourse filing on Monday (Jun 26), the manager said that it received valid acceptances of 17.5 million new units and excess applications of 34.2 million units.

The excess applications totalled 134.9 per cent of the amount on offer, which was more than enough to mop up units that were not validly accepted.

A total of 25.4 million new units will be issued to raise gross proceeds of S$30 million.

The offering, which was launched on Jun 14, was for 35 new units for every 1,000 existing units held, as at Jun 9, at an issue price of S$1.189 per new unit.

Aims Apac Capital Holdings and its relevant entities took up their full allotment of 2.7 million new units, as well as applications for 9.9 million excess new units under the preferential offering.

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The new units will be listed on the mainboard of the Singapore Exchange from 9 am on Jul 3.

The preferential offering, together with an earlier private placement which raised S$70 million, are a part of the company’s equity fundraising exercise, which it announced on May 31.

In a separate bourse filing on Monday (Jun 26), the manager said that approximately S$67 million in gross proceeds was used to repay existing debts.

A further S$1.2 million in gross proceeds went into paying the fees and expenses incurred as part of the equity fund-raising.

Units of AA Reit closed up 0.8 per cent or S$0.01 at S$1.21 on Monday before the announcement.