13th Nov 2014 09:04
LONDON (Alliance News) - Standard Life Investments Property Income Trust Ltd Thursday said it is seeking to raise more than GBP12 million through a cash placing with institutional investors, with the net proceeds earmarked for acquisitions.
The trust said the issue price per new share will be 75.50 pence, a 5% premium to its net asset value, which refers to assets less liabilities, at the end of September, adjusted for the dividend to be paid later this month. The trust will not pay the dividend on the new shares.
In a statement, the trust said the placing is expected to close at 1400 GMT Thursday but may close earlier or later at its discretion.
Investors wishing to participate should contact corporate broker Winterflood Investment Trusts, Standard Life Investments Property Income Trust said.
Standard Life Investments Property Income Trust shares were down 1.9% at 77.50 pence on Thursday.
By Samuel Agini; [email protected]; @samuelagini
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