Total
0
Shares
Market Herald logo

Subscribe

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

NSR by the numbers
More From The Market Herald

" Irongate Group (ASX:IAP) rejects 360 Capital (ASX:TPG) takeover bid

Irongate Group’s (IAP) board has rejected an unsolicited takeover bid from 360 Capital Group (TGP) and 360 Capital REIT (TOT) as the deal
Centuria (ASX:CNI) - Joint CEO, Jason Huljich

" Centuria (ASX:CNI) acquires $172m of office and agriculture assets

Centuria Capital Group (CNI) has purchased office and agricultural real estate worth $171.8 million in Victoria and South Australia.

" ALE Property (ASX:LEP) wins rent determination court case

Publican ALE Property (LEP) has emerged triumphant in its Victorian Supreme Court case regarding rental determinations ALE claimed were made in error in

" HomeCo Daily Needs REIT (ASX:HDN) merges with Aventus (ASX:AVN)

HomeCo Daily Needs REIT (HDN) and Home Consortium (HMC) have collectively agreed to a binding scheme implementation deed with Aventus (AVN) to purchase