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Monday, 19 Oct 2009
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Accelerated Rights Issues

ACCELERATED RIGHTS ISSUES

STUPID QUESTION: In a piece on GPT today you say  that their directors have bought in on "Accelerated Non-Renounceable Entitlement offer" . For the life of me I've got no idea what these are, can you shed some light?

REPLY: Accelerated or “non-traditional” rights issues typically involve the issue of securities by an entity in two tranches: first, to institutional investors and second, to retail investors. Given that issuing securities to institutional investors can generally be completed faster than issues to retail investors because for institutions there are much reduced disclosure requirements (no product disclosure statement), accelerated

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