CapitaLand Ascott Trust preferential offering closes with valid acceptances of 36.6%
Yong Jun Yuan
CAPITALAND Ascott Trust (Clas) has received valid acceptances of 36.6 per cent for the 100.5 million new stapled securities to be issued under the preferential offering announced on Aug 3.
In a bourse filing on Monday (Aug 28), the manager of the stapled group said that a further 28.1 per cent of the new stapled securities were subscribed for under the preferential offering.
The manager also noted that the stapled group’s sponsor, The Ascott, together with itself, Somerset Capital, Carmel Plus, CapitaLand Ascott Business Trust Management have accepted their respective provisional allotments of 29,622,829 in new stapled securities.
In total, 65.1 million new stapled securities, or 64.7 per cent of the total number of new stapled securities offered under the preferential offering, were subscribed for.
The manager said that the joint lead managers, bookrunners and underwriters have agreed to subscribe for portions of the remaining securities that were not subscribed for.
The new stapled securities were sold at an issue price of S$1.025 apiece to raise gross proceeds of about S$103.1 million.
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Together with the S$200 million raised from a separate private placement, gross proceeds totalling S$303.1 million have been raised from this round of equity fundraising.
About S$170.2 million, or 56.1 per cent of the proceeds, will fund Clas’ proposed S$530.8 million acquisition of assets from its sponsor. This includes the hotel, The Cavendish London.
The preferential offering new stapled securities will be listed and quoted on the mainboard of the Singapore Exchange from 9 am on Sep 4.
Clas units closed at S$0.985, down S$0.015 or 1.5 per cent on Monday, before the results of the preferential offering were released.
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