FLT set to raise $147m from preferential offering exercise

The CEVA Tech facility in Victoria, Australia - one of Frasers Logistics & Industrial Trust's properties in the country.
The CEVA Tech facility in Victoria, Australia - one of Frasers Logistics & Industrial Trust's properties in the country.PHOTO: FRASERS LOGISTICS & INDUSTRIAL TRUST

Valid acceptances and excess applications for over 287.4 million of new units

Frasers Logistics & Industrial Trust (FLT) is set to raise gross proceeds of about $147.1 million from an oversubscribed preferential offering exercise.

Its manager said the equity raising exercise has attracted valid acceptances and excess applications for over 287.4 million of the preferential offering new units.

This represents 189 per cent of over 152.1 million new units made available for the pro-rata and non-renounceable one-for-10 preferential offering exercise priced at 96.7 cents for each new unit.

The preferential offering drew valid acceptances for over 141.2 million of new units and excess applications for more than 146.1 million of new units.

The sponsor of FLT and TCC Group Investments have accepted in full their respective provisional allotments totalling over 31 million and 8.9 million preferential offering units.

The manager of the trust said the balance of over 10.8 million preferential offering units that were not validly accepted will be allotted to satisfy the applications for excess new units.

Preference will be given to the rounding of odd lots.

The manager, directors of the manager and substantial unit holders who have control or influence FLT will rank last in priority for the rounding of odd lots and allotment of excess new units. The preferential offering units will be listed on the Singapore Exchange mainboard from 9am on June 11.

FLT's manager said the trust has raised about $476 million of gross proceeds from this preferential offering and an earlier concluded private placement.

A version of this article appeared in the print edition of The Straits Times on June 07, 2018, with the headline 'FLT set to raise $147m from preferential offering exercise'. Print Edition | Subscribe