Thursday, 9 March 2017

Ascott Reit Issue Rights to Raise S$442.7m

A few days ago on the 6th of March, Ascott Residence Trust ("Ascott Reit") announced that they will be launching rights issue to raise S$442.7m (download the official announcement here)

Just to give a quick overview for those interested: 

For every 100 shares of Ascott Reit you own, you are entitled to subscribe to 29 shares of rights units at $0.919. The theoretical ex-rights price is $1.114. Majority of the gross proceeds will be utilized to fund the  acquisitions of Ascott Orchard Singapore and two other German properties in Hamburg and Frankfurt. 

Indicative Timetable for Ascott Reit Rights Issue

The new rights unit will be issued and available to trade on SGX on 11th April. 

I have always been planning to open a position in Ascott Reit. Upon reading this announcement, I purchased 1 lot of Ascott Reit so that I could apply for excess rights (trying my luck, although I highly doubt they will be available). 

All the best to those that are vested! 

Best,
AT

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