CapitalCommercial Trust (CCT) recently announced a Rights Issue, becoming the third company related to Capitaland to do so.
This CCT Rights Issue will raise approximately S$828.3 million, with 1 Rights Unit being offered for every existing CCT Unit owned. The Rights Issue will allow Unitholders to subscribe for the new units at $0.59/unit. This is a discount of 60.9% to CCT’s pro forma NAV per Unit of S$1.51 after taking into account the effects of the Rights Issue and the latest valuation as at 22 May 2009.
Key dates are as follows:
First day of ex-rights trading : 3 June 2009
Despatch of offer document : 10 June 2009
Commencement of nil-paid Rights trading : 10 June 2009
Last date for trading of nil-paid Rights : 18 June 2009 at 5pm
Last date for acceptance and payment of Rights and Excess Rights Units : 24 June 2009 at 5pm (930pm for electronic)
Expected date of trading of Rights Units : 3 July 2009