Haven't had a decent look yet but first thought is some of this stuff is getting pretty opportunistic. PEs keep getting higher. Look like they're trying to replicate INA
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Tasman is one of the largest pure play owners and operators of Manufactured Home Estates (MHEs) in Australia, with a total of 1,827 long term sites, of which 1,450 are currently tenanted (with the balance under development with development approval (DA)), across 6 estates currently under ownership, and a further 5 estates due to settle by 31 January 20141, located across New South Wales and South East Queensland Tasman has to date focussed on acquiring relatively mature MHE assets with near 100% occupancy rates, rather than acquiring greenfield development sites, or acquiring and converting caravan parks into MHEs Tasman’s growth strategy primarily focuses on increasing the size of its MHE portfolio through acquisition of existing MHEs (fully mature and partly complete), and potentially, through the acquisition and conversion of existing caravan parks or mixed use parks (containing both short and long term sites). Tasman plans to double the size of its portfolio over the medium term Tasman provides investors with exposure to a growing segment within the retirement living industry. The Company Directors believe that growth in the industry is expected to continue to benefit from positive structural trends, including Australia’s ageing population, and the relative affordability and flexibility offered by MHEs. The Offer is expected to raise up to $108.7 million2 at an Offer Price of $1.00 per Stapled Security FY15 forecast Distribution Yield per Stapled Security at the Offer Price3 of 3.9%-4.8%
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Key Offer Statistics
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Issuers
One Managed Investment Funds Limited (ACN 117 400 987) ("One Investments") as responsible entity of the Tasman Lifestyle Continuum Trust (ARSN 602 145 817) (the "Trust") and Tasman Lifestyle Continuum Limited (the "Company") (together "Tasman")
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Offer Price per Stapled Security
$1.00
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Market capitalisation / forecast FY15 NPAT4,5
13.5 – 16.5x
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Total number of new Stapled Securities to be issued under the Offer5
73.5 million
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Stapled Securities issued pursuant to LTIP Offer6
5.5 – 6.8 million
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Total number of Stapled Securities to be held by the Founding Stapled Securityholder on Completion of the Offer7
10.9 – 20.9 million
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Total number of Stapled Securities on issue at Completion of the Offer8
110.8 – 135.5 million
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Gross proceeds of the Offer to Tasman
$72.4 million
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Gross proceeds of the Offer to the Selling Stapled Securityholder
$24.2 - $36.3 million
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Market capitalisation at the Offer Price9
$105.3 – $128.7 million
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Enterprise Value at the Offer Price10
$135.9 – $159.3 million
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FY15 forecast Distribution Yield per Stapled Security at the Offer Price3
