Corporate Action: Cromwell Taps Market at Opportune Time. FVE Increased 5% to AUD 1.05.
No-moat Cromwell Property Group has placed AUD 375 million of new securities with institutions and is attaching a non-underwritten security purchase plan, or SPP, to raise up to a further AUD 30 million. We don’t recommend subscribing to the SPP given the issue price is above our 5% upgraded AUD 1.05 fair value estimate. The AUD 1.15 issue price is at a 7.0% discount to the distribution-adjusted closing price of AUD 1.24 on June 25, but is at a 15% premium to our previous fair value, driving the...Cromwell Property Group has five operating segments: property investment, which owns investment properties located throughout Australia; property/internal funds management, which includes property and facility management, leasing and project management for the trust and all of Co.'s managed investment schemes; external funds management - retail, which at June 30 2016, included nine Co.-managed external retail funds with combined assets under management of A$1.70 billion; external funds management - wholesale, which had combined assets under management of A$5.60 billion as at June 30 2016; and property development.
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