DNZ Property sells $60M of shares to institutions at 1.8 percent discount

Wed, 22 May 2013

By Paul McBeth May 23 (BusinessDesk) - DNZ Property Fund, which reported a 14 percent decline in annual distributable earnings yesterday, completed its $60 million placement to institutional investors at a 1.8 percent discount. The bookbuild process set the price at $1.68 a share yesterday, a small discount to the last trading price at $1.71 before the shares were halted. The placement will be followed by a $20 million share purchase plan next month priced at the lower of $1.6575 and the average end of day price over the 10 working days dur...

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