National Storage REIT opens share purchase plan to raise $15m

Company News

by Kathy Skantzos

Self-storage provider National Storage REIT (ASX:NSR) is intending to raise $15 million through a share purchase plan, offering eligible shareholders the opportunity to purchase up to $15,000 worth of shares.

The shares are priced at $1.50, the same price paid by institutional investors in a recent placement, representing a 5.4 per cent discount on the last closing price on Tuesday 12 December 2017.

Funds raised will be used to reduce debt to provide the group with financial stability to purchase acquisition opportunities in line with the company’s business strategy.

The offer opens today, Tuesday 9 January 2018, which is not underwritten and the total raised may be subject to a cap.

National Storage REIT’s recent placement to institutional investors raised $50 million.

Shares in National Storage REIT (ASX:NSR) are trading 1 per cent higher at $1.55.

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.