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Charter Hall Social Infrastructure Limited as responsible entity of Charter Hall Social Infrastructure REIT (ASX:CQE) (“CQE”) has successfully completed the fully underwritten institutional placement announced on 4 May 2020 (“Placement”), raising $100 million through the issue of approximately 45.5 million new units (“New Units”) at an issue price of $2.20 per unit.
The New Units are expected to settle on Thursday, 7 May 2020, with allotment and normal trading expected to occur on Friday, 8 May 2020. New Units issued under the Placement will rank equally with existing CQE units and will be entitled to the distribution for the three months ending 30 June 2020.
CQE confirms that, pursuant to ASX Listing Rule 7.1, the Placement is within CQE’s existing 15.0% placement capacity and does not require unitholder approval.
CQE is also undertaking a non-underwritten Unit Purchase Plan (UPP) to raise up to $15 million1. Under the UPP, eligible unitholders in Australia and New Zealand will be invited to apply for up to a maximum of $30,000 in new units, free of brokerage and transaction costs.
The UPP issue price will be the lower of:
- the Placement issue price;
- a 2.0% discount to the 5-day VWAP up to, and including, the UPP offer closing date; and
- a 2.0% discount to the closing price on the UPP offer closing date.
New units issued under the UPP will rank equally with existing CQE units and will be entitled to the distribution for the three months ending 30 June 2020.
Further information on the UPP will be lodged with the ASX and sent to eligible unitholders on or around Monday 11 May 2020.
CQE units are expected to resume trading on the ASX from market open today (Tuesday, 5 May 2020).
Announcement authorised by the Board
1 The cap on the UPP of $15 million is considered appropriate to provide the opportunity for the majority of CQE’s retail unitholders to achieve a pro rata allocation having regard to the total Equity Raising size, the construct of CQE’s register and historical take-up rates in UPP’s. CQE may, in its absolute discretion, scale back applications over this amount or apply a higher cap to the UPP and scale back applications over the higher cap.