SINGAPORE - Frasers Logistics & Industrial Asset Management, manager of Frasers Logistics & Industrial Trust (FLT), said FLT is set to raise gross proceeds of about S$147.1 million from an over-subscribed preferential offering exercise.
The manager of FLT said the equity raising exercise has attracted valid acceptances and excess applications for over 287.4 million of 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 S$0.967 for each new unit.
The preferential offering drew valid acceptances for over 141.2 million of new units and excess applications for over 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 that the balance of over 10.8 million preferential offering units which 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 unitholders who have control or influence FLT ranking last in priority for the rounding of odd lots and allotment of excess new units.
The preferential offering units will be listed and quoted on the Singapore Exchange mainboard with effect from June 11, 9am.
The manager of FLT said that the trust has raised all in about S$476 million of gross proceeds from this preferential offering and an earlier concluded private placement.