This follows the announcement of private placement a day earlier.
Key Points
- The issue price per New Stapled Security has been fixed at S$1.71 per New Stapled Security.
- The Joint Lead Managers and Underwriters have also exercised the upsize option such that the total number of New Stapled Securities to be issued pursuant to the Private Placement is 116,960,000.
- The gross proceeds from the Private Placement amount to approximately S$200.0 million.
- The trading of the New Stapled Securities on the SGX-ST is currently expected to commence at 2.00 p.m. on 1 July 2010.
The actual number of new units of 116,960,000 is higher than the minimum amount of 84,750,000 units stated in the previous announcement. The increase is about 13.9% of the total number of units in issue as at 22 June 2010.
A very quick and rough estimate of the impact of the private placement on the impact based on this final number of new units:
Using the Q1 2010 DPU of 2.32 cents, we annualize it:
Annualized DPU = 2.32 x 4 = 9.28 cents
Assuming no. of units increased by 13.9%, the Annualized DPU = 9.28/1.39 = 6.68 cents
The share price before trading halt on 22 JUN = 1.89
Yield based on share price before trading halt on 22 JUN = 6.68/189 x 100 = 3.53%.
This is a very rough calculation to estimate the impact without taking in factors such as reduction of interest payment after paying off the debts. Do also take note that the Q1 2010 DPU of 2.32 cents is based on a 90% per out ratio. It would have been 2.58 cents for 100% per out ratio.
No comments:
Post a Comment