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CROMWELL PROPERTY GROUP — Capital/Financing Update 2018
Feb 14, 2018
64673_rns_2018-02-14_c65ae04d-3d05-4677-bb91-086566d3d18b.pdf
Capital/Financing Update
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ASX Announcement
15 February 2018
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CROMWELL CLOSES SECURITY PURCHASE PLAN OFFER FOR ELIGIBLE SECURITYHOLDERS
Cromwell Property Group (ASX:CMW) (Cromwell) closed its security purchase plan (SPP) on Thursday 8 February 2018.
Strong support for the SPP offer was received from Cromwell’s eligible securityholders, with over 2,800 applications received, totalling $35m. This represents an oversubscription of $5m, which Cromwell has elected to accept in full.
Cromwell CEO Paul Weightman said the level of support received was a strong endorsement of Cromwell’s strategy and recent transformation of its global funds management platform.
“We are committed to our strategy of growing our global funds management platform to deliver 20% of re-occurring revenue. The successful Initial Public Offering (IPO) of the €1.4 billion Cromwell European REIT is transformative and a major part of this strategy.”
“Given the oversubscription, and with an identified pipeline of opportunities to invest in value adding projects, Cromwell has decided not to scale back applications and accept the full oversubscription,” he concluded.
Morgans Corporate Limited (Morgans) acted as Lead Manager for the SPP. Philip Lee, Executive Director at Morgans, commented that “there was strong demand from eligible securityholders who have benefited from Cromwell’s long track record of finding value enhancement investment opportunities.”
Based on the increased offer size, 37,066,571 securities will be issued and are expected to be allotted on Thursday 15 February 2018.
Transaction confirmation statements are expected to be sent out on or about Monday 19 February 2018.
Ends.
Media Enquiries:
Honner Media Paul Cheal / Jessica Effeney +61 (0) 427 755 296 / +61 (0) 400 998 373 [email protected] / [email protected]
ABOUT CROMWELL PROPERTY GROUP
Cromwell Property Group (ASX:CMW) is a Global Real Estate Investment Manager. The Group is included in the S&P/ASX 200. As at 30 June 2017, Cromwell had a direct property investment portfolio in Australia valued at $2.3 billion and total assets under management of $10.1 billion across Australia, New Zealand and Europe. As at 31 December 2017, Cromwell had a market capitalisation of approximately $2.0 billion, following the strategic placement announced on 11 December 2017.
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