As I understand it only $19.2 million of the equity raising is...

As I understand it only $19.2 million of the equity raising is NOT underwritten. If they raised the full amount debt falls by $10.9 million.

So in the worst case if they raise only the underwritten amount debt would rise by $8.3 million.

Given total assets of $413 million and term debt in the worse case of around $125 million Duxton would still not be highly geared (around 30% on this metric).

On this metric the gearing was 34% pre transaction. So gearing FALLS even in the worst equity raising case (because the rise in assets exceeds any possible rise in debt).

I am more puzzled by the lease rate of 4.5% in year 1 (on purchase price) which page 9 seems to say is indexed, but the lease rate price reset after 5 years is still 4.5% (on entitlement value after 5 years).

If entitlement value rises the income rises as well of course, but what is indexed? Does the lease rate rise in Years 2-5 by indexation and then drop back on the reset ? Any views?