Ascott Reit issues 67,858,000 preferential offering new units - 7 OCT 2010

Ascott Reit issues 67,858,000 preferential offering new units. See press release.

Key Points

• Further to the earlier announcement on 4 October 2010 on the results of the Preferential Offering, the Manager wishes to announce that 67,858,000 Preferential Offering New Units were allotted and issued today. The total number of Units in issue of Ascott REIT as of 7 October 2010 (including the Preferential Offering New Units) was 1,107,098,074.
• The Preferential Offering New Units issued will rank pari passu in all respects with the existing Units, including the right to Ascott REIT’s distributions for the period from 22 September 2010, being the date on which New Units were issued pursuant to the Private Placement, to 31 December 2010 as well as distributions thereafter.
• The 67,858,000 Preferential Offering New Units allotted and issued today will be listed for quotation on the Main Board of the SGX-ST at 9.00 a.m. on 8 October 2010.
• The entire amount of the proceeds of the Preferential Offering of approximately $72.6 million has been utilised and set aside as follows:
• $56.3 million has been utilised to part fund the Target Acquisitions;
• $8.5 million has been utilised and set aside for payment of underwriting expenses and professional and other fees and expenses; 
• $7.8 million has been set aside for other general corporate and working capital purposes.