Rickmers

Rickmers: its 1-for-1 rights issue at $0.24/sh has received a collective 39.9% undertaking with the latest pledge of support from The Capital Group (6.5% stake). Sponsor Rickmers Group (combined 33.1% stake) and two independent directors had earlier undertaken to subscribe for their respective pro rata entitlement. Recall the rights proceeds will be used to pare debt, and allow Rickmers to keep within its debt covenant agreements. The trust intends to maintain its FY13 distribution at US 0.6 ct per quarter, which translates to a c.10% yield over the TERP of $0.30, based on a last cum-price of $0.36.