Total assets are $462.4m
I figure they need to reduce debt by $45m and raise about $80m (debt, Harris St pro rata note, capex and costs).
From the Lederer announcement: "Lederer Group’s equity commitment of $50 million includes an offer to take up 100% of its entitlement and sub-underwrite any potential rights issue at an indicative offer price of 60 cents per ECF security."
So Lederer can contribute $50m of that $80m by sub underwriting at $0.60. They just purchased 14% of the company at $0.60. I don't see why they would be happy raising below this number.
ECF have also appointed agents to sell the Nexus Centre which is valued at $33.5m.
The low end of FFO guidance is $0.093 and assumes Nexus sale leading to distribution guidance of $0.075.
I figure distributions can be maintained but to give me a margin of safety I've underwritten into my valuation a reduction.
Ann: Strategic Partnership and potential ECF rights issue, page-8
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Last
65.5¢ |
Change
0.010(1.55%) |
Mkt cap ! $266.5M | |||
| Open | High | Low | Value | Volume |
| 65.5¢ | 66.3¢ | 64.5¢ | $385.3K | 587.3K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 37816 | 64.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 66.0¢ | 2500 | 1 |
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| Last trade - 15.52pm 16/06/2025 (20 minute delay) ? |
| ECF (ASX) Chart |