Sydney - Thursday - October 23: (RWE Aust Business News) - The
GPT Group (ASX:GPT) has announced a major balance sheet recapitalisation
through an accelerated non-renounceable entitlement offer and placement
of exchangeable securities to an affiliate of GIC Real Estate which is
expected to raise $1.6-1.9 billion.
The entitlement offer comprises the institutional entitlement
offer, expected to raise approximately $1bn, and the retail entitlement
offer, expected to raise $300m.
GPT will also complete a placement of perpetual exchangeable
securities to GIC Real Estate to raise a further $250m, and GIC Real
Estate will also sub-underwrite the majority of the retail offer.
Net proceeds from the offer will be used to repay debt and
significantly de-leverage GPT's balance sheet, with GPT's business plan
and debt maturities fully funded through January 2010.
Eligible security holders are invited to subscribe for one new
GPT security for every GPT stapled security owned at a price to be
determined by a bookbuild conducted as part of the institutional offer
between Thursday, 23 October and Friday, 24 October 2008.
GPT will remain in a trading halt until completion of the
institutional offer period.
Entitlements are non-renounceable and will not be tradeable on
the ASX or otherwise transferable.
GPT has been pursuing a strategy of non-core asset sales to
reduce leverage.
However, the continued deterioration of capital markets has
adversely affected its ability to sell assets at acceptable prices.
In addition, the recent sharp and unforeseen depreciation of the
Australian dollar against the euro and the US dollar has significantly
increased both balance sheet and look through gearing levels and reduced
the amount of headroom available under debt covenants.
This has occurred in the absence of any movements in property
values.
Having considered the alternatives available to improve its
balance sheet position, the board has concluded that the pro rata equity
raising will provide the best long term value for GPT investors.
GPT will continue to pursue non core asset sales where
appropriate in light of market conditions, but will now have considerably
more flexibility in terms of the timing of these asset sales.
- Forums
- ASX - By Stock
- GPT
- gpt announces entitlement offer
gpt announces entitlement offer
-
-
- There are more pages in this discussion • 8 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add GPT (ASX) to my watchlist
|
|||||
Last
$4.91 |
Change
-0.070(1.41%) |
Mkt cap ! $9.405B |
Open | High | Low | Value | Volume |
$4.94 | $4.95 | $4.89 | $43.31M | 8.778M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 1016 | $4.91 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$4.92 | 1016 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 1016 | 4.910 |
4 | 102503 | 4.900 |
2 | 62589 | 4.890 |
3 | 508924 | 4.880 |
1 | 4207 | 4.870 |
Price($) | Vol. | No. |
---|---|---|
4.920 | 1016 | 1 |
4.930 | 39104 | 4 |
4.940 | 95925 | 5 |
4.950 | 64697 | 6 |
4.960 | 87044 | 4 |
Last trade - 16.10pm 04/09/2024 (20 minute delay) ? |
Featured News
GPT (ASX) Chart |