Cromwell has performed well, but risk is too high for most defensive income investors.
Cromwell Property Group has launched a security purchase plan, or SPP, capped at AUD 30 million, which follows a AUD 170 million raising on Dec. 11, 2017 via a placement to "strategic" investment partners of Cromwell. Eligible security holders can purchase up to AUD 15,000 worth of new Cromwell securities with nil brokerage or transaction costs at a price of AUD 0.947 per security. We view the SPP offer as not compelling as the SPP is in line with our fair value estimate and Cromwell securities ...
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