CitySpringTrust: To issue 11 rights for every 20 units at $0.39 per rights unit. Net proceeds of approx $204.8 will be raised and used to refinance or repay Basslink's $190m debt, reduce gearing or be used for general corporate working purposes...
Temasek owned Bartley Invts, co's largest unitholder, has undertaken to subscribe for 85% of all the rights units. Co has a consistent DPU of 1.05c per quarter which is approx 7.78% yield. However co is still loss making and if rights issue is merely to pare down debt, DPU is likely to fall.
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