without looking too deep into the 320 pages details, all I can...

without looking too deep into the 320 pages details, all I can say at this stage is

It is a spin off(google the definion if u aren't sure what it is) where cap raising is part of the deal: Australian and NZ assets are partially sold to the public(at discount to NTA) and the rest given back (for free) to existing shareholders in the form of 1-1 WRT shares. For example, if I own 423 WDC shares at the record date, I will be issued 423 WRT for free.(refer to page 8 of the big pdf). On top of that I as an existing WDC sharehoder can apply for WRT in the public offer with priority, so I'm entitled to 100 WRT shares at the cost of 2.75 each, which is a sound deal.

So essentially outsiders are invited to buy our assets for $2.0 billion at 11% discount to diluted NTA (ignoreing the offer to existing shareholders because intra-group transaction doesn't create value unless some fundamental factor can be changed). The cap raising at 11% discount factor along doesn't look any good to me, but there're some factores to offset this on page 12 of the big pdf: for example, the cost of capital may drop, which increase NPV of future cashflows. and if you believe in segemented demand and supply, by separating AUS and US assets some investors may now willing to buy into WDC or WRT at this yield, which boosts share price. As long as WRT can perform well post restructuring, some benefits in the SP will flow to WDC holders as we will all own some WRT by the time.

The last point is that this in contra to a cap rasing, this is actually return capital to you. Although you have the option to put money in first then get more capital return over time, which doesn't chage the nature of the deal.