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BWP Trust ( (AU:BWP) ) has provided an update.
BWP Group has successfully completed the institutional component of its fully underwritten 1-for-12 accelerated non-renounceable entitlement offer, raising about $122 million at an issue price of $3.77 per new security. The offer saw a take-up rate of roughly 98% from institutional securityholders, including full participation from major holder Wesfarmers, with around 32 million new securities to be issued that will rank equally with existing units and resume trading in mid-May.
The trust will now proceed with the retail entitlement offer, targeting a further $106 million on the same price and ratio terms for eligible retail investors, opening on 12 May and closing on 22 May. Management said the strong institutional support signals endorsement of BWP’s strategy and portfolio quality, while the combined raising aims to strengthen its capital base and broaden its securityholder register ahead of future growth initiatives.
The most recent analyst rating on (AU:BWP) stock is a Buy with a A$4.00 price target. To see the full list of analyst forecasts on BWP Trust stock, see the AU:BWP Stock Forecast page.
More about BWP Trust
BWP Group is a listed property trust focused on owning and managing a portfolio of large-format retail properties. Its assets are predominantly leased to established retail tenants, positioning the trust as a specialist landlord in the Australian commercial property market.
Average Trading Volume: 933,123
Technical Sentiment Signal: Strong Buy
Current Market Cap: A$2.86B
Learn more about BWP stock on TipRanks’ Stock Analysis page.