Investors & brokers have committed to subscribe for $185 million of shares in Investore Property Ltd through the bookbuild for the initial public offering by Stride Property Ltd. The price for the offer has been set at $1.49/share), at the top of the indicative price range.
Investore has determined to allocate $170 million of the offer to the institutional & broker firm offer and has reserved $15 million for allocation to the Stride shareholder offer, which closes on Tuesday 5 July. Investore has also received commitments to subscribe for the full $15 million reserved to the Stride shareholder offer to the extent not taken up by Stride shareholders.
In addition to any participation in the offer, all Stride shareholders will be given one share in Investore for every 4 shares held in Stride as part of the demerger of Investore.
The Investore shares under the offer will be allotted on Monday 11 July and start trading on the NZX main board on Tuesday 12 July.
Investore will invest in the large format retail property sector. Key metrics:
- Implied cash dividend yield (2018 financial year): 5.1%
- Implied gross dividend yield (for a 33% tax payer, 2018 financial year): 7.6%
- NTA/share (2017 financial year): $1.46
- Price:NTA/share (2017 financial year): 1.02 x
Attribution: Company release.