Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


ING Property Trust raises $35 million

ING Property Trust raises $35 million

ING Property Trust (ING) has successfully raised $35 million through a placement of units to institutional investors to part-repay existing bank debt of the Trust and to fund further growth opportunities.

There was very strong demand for units under the placement from both existing institutional unitholders and new institutional investors. This strong support meant that the proposed placement size of $25-30 million was increased to $35 million.

Andrew Evans, Managing Director of the Trust’s manager said the placement had been very successful, with 31,390,134 units being placed at a price of $1.115 per unit (ex dividend). Settlement will occur on Wednesday, 23 November 2005, and the new units to be issued will rank equally in all respects with existing units, but will not participate in the Trust’s second-quarter distribution of 2.4875 cents per unit, which has a record date of 25 November 2005.

“We are extremely pleased with the results of the book build and the confidence the market continues to show in ING Property Trust”, Mr Evans said. “The very strong level of demand for units reinforces to us the benefits of the growth strategy we have adopted.”

As announced on 17 November, the Trust also intends to implement a unit purchase plan of $5,000 per unitholder to allow all of the Trust’s unitholders to participate in the capital raising and growth initiatives. More details on the proposed unit purchase plan will be announced in due course.

First NZ Capital Securities and Harmos Horton Lusk acted for ING Property Trust in connection with this placement.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>


Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>


I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>


Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>


Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>


Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news