Quote:
OFFER: GMT: GMT Retail Unit Offer Oversubscribed
Goodman (NZ) Limited (Manager of Goodman Property Trust) is pleased to advise
that the Retail Unit Offer, targeting $15 million of new equity, has now
closed.
Strong demand has resulted in the offer being significantly oversubscribed
with applications exceeding the offer maximum of $25 million by $35 million
or 140%. As a result of the high level of participation applications will be
scaled in accordance with the rules of the offer (contained in the Offer
Document dated 26 September 2019).
Keith Smith, Chairman and Independent Director of Goodman (NZ) Limited said,
"GMT's retail investors have shown overwhelming support for this new offer,
it's a positive endorsement of an investment strategy now exclusively focused
on the Auckland industrial market."
The New Units will be allotted on 25 October 2019 with refunds of the excess
application monies being made on 1 November 2019.
We live in interesting times. Last reported NTA of this property company is just $1.57 and yet people are falling over themselves to throw more money at the company at $2.10 and the shares are trading at $2.24. Dividend yield at $2.24 is 2.98%. Its a PIE so that's free of tax but even so, that's an amazingly low yield for a REIT.