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Fraser Commercial Trust - Doing The Inevitable; Still . . . . .
FCOT, formerly known as Allco Commercial Reit, has done the inevitable: 3-for-1 rights at 9.5 cents to raise $205.5 mln net of expenses. F&N will subscribe for its 22.2% entitlement. It will underwrite up to a further 10.5% for a total subscription of up to 32.7%. (The discount to the theoretical ex-rights price, TERP, of 13.1 cents, based on the last traded price of 24 cents, is 27.6%, which is in line with recent rights issues.)In addition, FCOT has announced the following: The acquisition of Alexandra Technopark (with net lettable area of 1,048,607 sf) from F&N for $342.5 mln, payable via the issuance of 5.5% convertible perpetual pref units (CCPU) to F&N.(The CPPU is redeemable strictly at the discretion of the trustee of FCOT, and convertible at the discretion of the holders, three years from the date of issue. The conversion price will be 17.685 cents, which is 30% premium to TERP. F&N will re-offer the CPPU to the unit-holders of FCOT within 6 months of the issue, subject to F&N r
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