Total
0
Shares
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • 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.

AQR by the numbers
More From The Market Herald

" HealthCo (ASX:HCW) announces a slew of acquisitions

Newly minted HealthCo Healthcare & Wellness REIT (HCW) has snapped up roughly $200 million worth of healthcare assets in its first post IPO
DomaCom (ASX:DCL) - CEO, Arthur Naoumidis

" DomaCom (ASX:DCL) reaches key milestone in AustAgri acquisition

Fractional investing platform provider DomaCom (DCL) soldiers in on its thorny acquisition deal of AustAgri, announcing a key condition of the transaction has
Dexus Industria (ASX:ADI), Fund Manager, Alex Abell

" Dexus Industria (ASX:ADI) grabs 50pc interest in logistics hub

The ever acquisitive Dexus Industria REIT (ADI), formerly APN Industrial REIT, announced today that it has agreed to buy a 50 per cent

" Vicinity Centres (ASX:VCX) acquires 50pc interest in Gold Coast outlet centre

Vicinity Centres (VCX) has achieved a conditional agreement to purchase a 50 per cent stake in Harbour Town Premium Outlets Gold Coast in