| NEWS ARCHIVES |
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| MI Reit's unitholders pass recapitalisation plans |
| 24 Nov 2009 |
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Unit holders of Macarthurcook Industrial Reit or M-I REIT have approved its recapitalisation plans.
But it was a tense affair, with some heated exchanges during the extraordinary general meeting yesterday.
MI-REIT is planning to raise about 217 million dollars through a rights issue and share placement.
Crowds had gathered an hour early to get into MI-REITs extraordinary general meeting.
Top of their minds were five resolution which, if passed, will allow the trust to raise the money to refinance its existing debt and buy properties in Singapore.
Failing which, the REIT was at risk of being liquidated when its debt obligations mature at the end of the year.
There were doubts as to whether the resolution would pass as Cambridge Industrial Trust - which controls nearly 10 percent of MI-REIT - had said it would block the recapitalisation plan.
This led to tense moments at the meeting, with accountants being called in to placate demands for a vote recount.
In the end, the resolutions stood.
With the resolutions passed, MI-REIT will be issuing its placement units to cornerstone investors on Tuesday.
The counter last closed at 35 cents. |