Under the preferential offering, the REIT will offer 103.35 million new units to its existing unitholders at a ratio of 214 preferential offering units for every existing 1,000 units. The preferential offering units will be offered at an issue price of 27 British pence, which is a discount of 10% to the volume weighted average price of 30 British pence per unit on Dec 18.
Elite Commercial REIT is seeking to raise GBP28 million ($47.2 million) via the launch of a fully underwritten non-renounceable preferential offering.
The gross proceeds will be used to mainly repay debt and reduce the REIT’s gearing.
