- National Storage (NSR) has completed a $300 million equity raise to ensure it successfully navigates the volatile period created by the COVID-19 pandemic
- 191.1 million new NSR stapled securities were issued, which are stapled to a number of National Storage Holdings (NSH) entities, at $1.57 per stapled share
- The company said the settlement of the new securities is expected to occur on Friday May 8
- NSR is also hoping to raise $30 million by undertaking a non-underwritten share purchase plan (SPP) with eligible shareholders
- The company’s share price is down 6.5 per cent at market close, with shares selling for $1.58 each
Self-storage provider National Storage (NSR), has completed a $300 million equity raise to ensure it navigates the volatile period created by the COVID-19 pandemic.
191.1 million new NSR stapled securities were issued, which are stapled to a number of National Storage Holdings (NSH) entities, for $1.57 per stapled share.
The institutional placement of the new shares is due to be completed this week, with the allotment to occur next week.
New stapled securities issued under the placement will rank equally with existing stapled securities, and security holders will be entitled to the distribution for the six months ending June 30 2020.
NSR will also look to raise another $30 million by undertaking a non-underwritten share purchase plan (SPP) with eligible shareholders, who can purchase up to $30,000 worth of stapled securities.
Further information on the SPP will be lodged with the ASX and sent to eligible security holders later this month.
The company’s share price is down 6.5 per cent at market close, with shares selling for $1.58 each.