Corporate Action: Take Up Entitlements as Cromwell Slightly Deleverages
Cromwell Property Group is undertaking a 2-for-3 non-renounceable entitlement offer to raise up to AUD 300 million at AUD 0.98 per security. Of this, AUD 210 million is already underwritten by major security holders. Depending on the participation of retail investors, pro forma gearing reduces from 37% to between 30% and 33%. Cromwell reaffirmed fiscal 2019 earnings guidance for earnings of at least AUD 8.0 cents per security, or cps, and distributions of at least AUD 7.25 cps.Even though the e...
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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