GPT announces capital raising

GPT Group (ASX: GPT) has announced an equity raising to retire some expensive Exchangeable Securities issued during the GFC. GPT will raise $325m from institutional investors at $4.23 per security, a 3% discount to today’s closing price. Eligible securityholders can also subscribe for up to $15,000 worth of securities at the same price under a security purchase plan capped at $50m. Although we're expecting interest rates to fall further, which could increase the already high valuations of steady income stocks like GPT, we're not interested in the capital raising as a long term investment. The $4.23 sticker price is pitched at a 7%...

GPT Group (ASX: GPT) has announced an equity raising to retire some expensive Exchangeable Securities issued during the GFC. GPT will raise $325m from institutional investors at $4.23 per security, a 3% discount to today’s closing price. Eligible securityholders can also subscribe for up to $15,000 worth of securities at the same price under a security purchase plan capped at $50m.

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