- APN Convenience Retail REIT (AQR) has successfully completed its institutional placement and raised $50 million
- A total of 15.6 million new securities were issued to investors at a price of $3.20 each
- The securities are expected to settle on June 19 and be allocated and begin trading on the ASX on June 22
- The money raised will be used to strength AQR’s balance sheet following recent acquisitions
- AQR will also be undertaking a share purchase plan to raise up to $5 million with eligible shareholders able to purchase up to $30,000 worth of securities
- AQR has ended the day a slight 0.89 per cent in the red with shares trading for $3.33 each
APN Convenience Retail REIT (AQR) has successfully completed its institutional placement and raised $50 million.
A total of 15.6 million new securities were issued to investors at a price of $3.20 each.
The securities are expected to settle on June 19 and be allocated and begin trading on the ASX on June 22.
“The placement was strongly supported by our existing investors and we are pleased to welcome new high quality institutional investors onto the register,” Fund Manager Chris Brockett commented.
“The successful completion of the placement further strengthens AQR’s balance sheet following recent acquisitions. The additional funding capacity will allow us to continue to deliver on our strategy of investing in strategically located convenience retail assets,” he added.
AQR will also be undertaking a share purchase plan to raise up to $5 million with eligible shareholders able to purchase up to $30,000 worth of securities without incurring any brokerage or transaction costs.
The securities will be issued at a price of $3.20 less the amount of of the company’s June 2020 quarterly distribution of 5.45 cents per security.
If the share purchase plan exceeds $5 million then AQR can either increase the final amount to reduce or eliminate a scale back. However, if a scale back is needed then it will be undertaken based on the participants holdings.
More information regarding the plan will be announced next week.
AQR has ended the day a slight 0.89 per cent in the red with shares trading for $3.33 each in a $316 million market cap.