Resilient: Rights offer to raise R1bn oversold

Resilient, the listed property income fund, reported yesterday that its rights offer to raise R1 billion was significantly oversubscribed. The fund announced the rights offer on April 25 for a total of 19.2 million Resilient linked units at an issue price of R52 each. The offer closed on Friday. It said a total of 31.06 million Resilient linked units, equivalent to 161.5 percent of the rights offer linked units, were applied for in terms of the rights offer. Applications included excess applications for 12.2 million Resilient linked units, of which 373 664 rights offer linked units would be allocated equitably, taking into account the number of linked units and rights held by each linked unitholder immediately prior to this allocation. Resilient shares dropped 0.4 percent to close at R56.77 yesterday. – Roy Cokayne