Analysts from CGS-CIMB Research, the Bank of Singapore (BoS) and OCBC Investment Research are generally positive on Mapletree Commercial Trust (MCT) and Mapletree North Asia Commercial Trust (MNACT) following the introduction of an all-cash option offered to MNACT unitholders.
On March 21, the REIT managers of both MCT and MNACT announced the revision of their existing trust scheme agreement with the addition of a third option – a 100% cash consideration at $1.1949 per MNACT unit. Moving forward, this option will also be the default option.
In order to fund the increase in cash requirement, MCT will undertake a pro-rata non-renounceable preferential offering of up to 1.094 billion MCT units to MCT unitholders at an issue price of $2.0039 to raise gross proceeds of up to $2.2 billion. The $417.3 million that remains will be funded via perpetual securities and/or debt funding.