Keppel Infrastructure Trust - OCBC Investment 2024-09-05: Overhang Of Equity Fund Raising Lifted

• Keppel Infrastructure Trust announced on 28 Aug 2024 the results of its private placement exercise. 456.6m new shares were issued at S$0.438 per unit, which represents a 6% discount to its volume weighted average price (VWAP) of S$0.4662 per unit (on 26 Aug 2024). This is the highest end of the issue price range of S$0.426 to S$0.438 per unit. Accordingly, the total gross proceeds raised is ~S$200m.

Stub distribution to be paid on 18 Sep 2024

• - Read this at SGinvestors.io -
• The placement units were listed on 5 Sep 2024.
• See Keppel Infrastructure Trust's distribution dates – Stub distribution of 0.70 Singapore cents per unit for the period between 1 Jul 2024 to 4 Sep 2024 declared and payable to existing unitholders on 18 Sep 2024.

Combination of acquisition, equity fund raising (EFR) exercise, perpetual security issuance expected to be accretive on a pro forma basis

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• 2.7% (S$5.4m) will be used to pay for fees and expenses incurred in connection with the placement, while
• the remaining 0.7% (S$1.4m) will be used to repay existing debt.

Revise fair value estimate to S$0.51

• Read more at SGinvestors.io.

Above is an excerpt from a report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full PDF report @ https://www.iocbc.com/.

Read also OCBC's most recent report:
2025-04-22 Keppel Infrastructure Trust - Distributable Income Boosted By One-off Divestment Gain.

Previous report by OCBC:
2025-04-01 Keppel Infrastructure Trust - Under The Sea.

Price targets by other brokers at Keppel Infra Trust Target Prices.

Listing of research reports at Keppel Infra Trust Analyst Reports.

Relevant links:
Keppel Infra Trust Share Price History,
Keppel Infra Trust Announcements,
Keppel Infra Trust Dividend Payout Dates & Corporate Actions,
Keppel Infra Trust News