Resilient: Rights offer aims to raise R1bn

Resilient intended to raise about R1 billion through a rights offer to its linked unitholders, the listed property income fund reported yesterday. It said the proceeds from the rights offer were expected to be used to finance acquisitions and developments that were in the pipeline, as well as strategic opportunities. Resilient linked unitholders would be offered a total of 19.2 million Resilient linked units in a ratio of 6.55582 rights offer linked units for every 100 linked units held by them on May 2 at a subscription price for rights offer linked units of R52 a unit. The rights offer would not be underwritten and was not conditional on a minimum subscription and Resilient had not received any irrevocable undertakings from existing linked unitholders to participate. The offer would open on May 5 and close at noon on May 16. The last day to trade in Resilient linked units to participate in the rights offer is April 23. The results of the offer would be published on May 19. Resilient added 0.88 percent to R58.40. – Roy Cokayne