IEF Equity Raising
Australia
July 16, 2010, ING Real Estate Entertainment Fund
NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. PERSONS
On Friday 16 July 2010 ING Real Estate Entertainment Fund ("IEF") announced it has secured a range of initiatives to reduce debt and strengthen its balance sheet to secure its capital position and deliver on its strategy.
These initiatives include an Equity Raising and the sale of its New Zealand Portfolio.
The Equity Raising comprises:
- A placement of 26.4 million units (representing 15% of issued capital) to new investors at $0.09 per unit to raise $2.4 million
- IEF is seeking to raise an additional $36.4 million via a 2-for-1 pro-rata renounceable rights issue at $0.09 per unit
The Rights Issue opens Tuesday 27 July 2010 and will close at 5.00pm on Wednesday (AEST) 11 August 2010. New units will rank equally with existing units on issue.
See below for ASX announcements relating to the IEF Equity Raising:
| Date | Announcements |
|---|---|
| 16 July 2010 | |
| 19 July 2010 | |
| 21 July 2010 | |
| 23 July 2010 | |
| 16 August 2010 |