Retail unitholders being diluted at the expense of Institutional holders who receive a discount/arbitrage opportunity.
JLM's receive a nice little earner (distribution fee 1.25%, arranger fee 0.05%). Pinnacle, a minority shareholder, also receive a distribution fee of 0.10% and a service fee as distribution partner.
Unfortunately retail unitholders have no say in this capital raise as it is within the 15% of the Trusts issued capital.
Ann: Institutional Placement and Investor Presentation, page-2
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