FKP to raise $232m
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Following on from asset sales and a soaring share price (see Asset sales boost FKP from 25 Oct 13 (Hold – $2.04)), FKP has announced an underwritten $232m 5-for-9 non-renounceable rights offer at $1.30 per share to reduce its $655m debt pile. The offer will bring group debt down to less than $400m, and group debt-to-assets to 19%, but net tangible assets per share will fall 22% to $2.74 based on 30 June numbers.
We'll take a closer look at the deal in an upcoming review, where we'll revisit the recommendation guide and valuation. But the aggressive offer price and the progress made so far suggests we'll likely recommend owners take up their rights. The offer doesn't open until 4 November and until then we recommend investors HOLD.
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