Aspen Group has updated the offer document for stapled securities in its Aspen Parks Property Fund following a 0.76 cent tweak in the applications price from $1.2349 to $1.2425.
The Fund commenced in July 2004 with an investment portfolio of six parks valued at $31 million and has since grown to a portfolio of 13 parks valued at over $95 million.
The latest capital raising is in line with the company's long stated aim to achieve a portfolio of park properties worth at least $150 million, and comes after the company raised $50 million via a conditional placement of shares announced on June 27.
Earlier that month the group announced an increase in its quarterly distribution rate, from 2.625 cents per share to an estimated 2.875 cps, reporting a further $ 20 million rise in the value of its Septimus Roe square property and a rise in the value of other assets to the tune of $8.93 million in May.
Aspen's full announcement to the stock exchange is pasted below
Aspen Group is pleased to announce the re-opening for applications of its successful Aspen Parks Property Fund following the release of an updated Offer Document.
The Fund commenced in July 2004 with an investment portfolio of six parks valued at $31 million and has since grown, in line with the Fund's objectives, to a portfolio of 13 parks valued at over $95 million.
The latest capital raising will enable APPF to further grow its portfolio with the aim of achieving a portfolio of park properties of at least $150 million.
APPF has achieved capital growth of 23.5% since commencement and continues to provide investors with attractive distributions of 10c per security, which at the latest application price of $1.2425 equates to a yield of 8.05%.
The reopening of APPF and subsequent acquisition of new parks will provide Aspen Group with further growth in its funds management income.
