CMW has a practical approach,... this is good, and they like to have friendly transactions,....
Hoping they will announce that
they are listing again in the SGX,... with a modified portfolio of assets and lower number of unit issuance,...CROMWELL SELLS STAKE IN IOF
Cromwell Property Group (ASX:CMW) today announced that it has entered into an agreement to sell
its entire stake in Investa Office Fund (ASX:IOF) for $4.65 per unit.
Cromwell Property Securities Limited as responsible entity for the Cromwell Diversified Property Trust
purchased its 9.83% stake in IOF for $4.24 per unit on 12 April 2016. The agreed sale price of $4.65
per unit represents a premium to the IOF closing price on 3 October 2017 and an
annualised Equity
Internal Rate of Return of 18%.“The investment in IOF has been a profitable one for Cromwell,” said Cromwell Chief Executive Officer
Paul Weightman. We would have liked to have been able to complete a deal, but as I have said previously, it became
obvious to us that a friendly transaction was unlikely to proceed, regardless of the price that we
offered.”
“Upon careful consideration of all of our options, we have therefore decided that the best way forward
for Cromwell securityholders is to realise the value in our investment.”
“We will continue to focus on delivering value to our securityholders through the different strategic
initiatives that we are currently undertaking,” added Mr. Weightman.
The proceeds of the sale will be used to reduce gearing and for other general corporate purposes.Recapping above post of mine last year,...today, after listing in the SGX at an IPO price of 0.55 EUR, the pricing is still holding well above the IPO price, despite the recent ups and downs in the mkt...
These are counters who take investors' comments seriously,....