Corporate Action: Mirvac Launches Opportunistic Equity Raise; Do Not Subscribe to SPP
Mirvac is raising AUD 750 million in new equity via an institutional placement and up to another AUD 75 million via a non-underwritten, retail security purchase plan, or SPP. The placement is priced at AUD 2.97 per security and the SPP is priced at AUD 2.90 as SPP securities won’t be issued in time to receive the upcoming AUD 6.3 cent distribution. We believe the stock is overvalued and recommend not subscribing to the SPP, which closes on June 25.ÂWith its security price up about 35% in six m...
Mirvac Group is engaged in real estate investment, development, third party capital management and property asset management. Co. performs these activities across three primary segments: Office & Industrial, which manages the office and industrial property portfolio to produce rental income along with developing office and industrial projects; Retail, which manages the retail property portfolio, including shopping centers, to produce rental income; and Residential, which designs, develops, markets and sells residential properties to external customers including masterplanned communities and apartments in primary metropolitan markets in conjunction with strategic partners.
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