Corporate Action: Cromwell’s SPP Not Compelling. Do Not Subscribe
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 ...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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