Corporate Action - Kiwi’s Raise Provides Financial Flexibility. We Recommend Taking up Entitlements
Narrow moat-rated Kiwi Property Group is raising NZD 161 million via an underwritten pro-rata entitlement offer at NZD 1.36 per share. Proceeds will be used for debt reduction initially then used to fund development initiatives. The board of Kiwi has reiterated cash dividend guidance for fiscal 2018 of NZD 6.85 cents per share, implying a yield of 5% preimputation credits on the new capital. Eligible shareholders will be entitled to acquire one new share for every existing 11 shares held at the ...Kiwi Property Group is engaged in investing in New Zealand real estate. The Trust's objectives are to maximize earnings and to provide long-term sustainable returns to investors through the strategic acquisition, intensive management and ongoing development of office, retail and industrial property assets. Co.'s business segments comprise retail (representing Co.'s investment in retail property), office (representing Co.'s investment in office property) and other (representing those items which are neither retail nor office). As of Mar 31 2010, Co. had total assets of NZ$1,984,822,000.
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