Listed property group Trinity Consolidated has announced an institutional placement of 16.7 million securities and a one-for-four rights issue to raise a total of $53.5 million for strategic property acquisitions along the eastern seaboard.
On the news, Trinity’s shares fell 4.5% or six cents to $1.27 yesterday.
Trinity intends buying several country shopping centres in NSW and Queensland from its associated company Consolidate Properties. The centres are in Innisfail, Casino in NSW and Albany in Queensland.
Approval for the placement will be on the agenda for the meeting of security holders in late June 2006 where approval will also be sought for the previously announced scrip for scrip merger with Consolidated Properties Group.
The placement and rights issue are being jointly managed and fully underwritten by BBY Limited and ABN AMRO Morgans Limited.
By Ted McDonnell
