Stock Name: CACHE
Company Name: CACHE LOGISTICS TRUST
OCBC Investment Research in an Apr 11 research report says: "CACHE had recently announced the close of its private placement of 60 million new units. The net proceeds from this exercise are expected to amount to ~$57.1 million, and will likely be used to fund the acquisition of 21 Changi North Way and partially repay debt. We estimate CACHE’s aggregate leverage to drop to ~26% post placement.
"CACHE also announced an advanced distribution of its distributable income for the period from 1 Jan to 29 Mar 2012, just two days before 1Q12 ends. The quantum was initially guided at ~2 cents, and is in line with the DPU of 1.95 cents and 2.10 cents seen in 1Q11 and 4Q11 respectively. Adjusting for the private placement, our fair value now eases to $1.11 from $1.19 previously. MAINTAIN BUY."
Company Name: CACHE LOGISTICS TRUST
| Research House: OCBC | Price Call: BUY | Target Price: 1.11 |
OCBC Investment Research in an Apr 11 research report says: "CACHE had recently announced the close of its private placement of 60 million new units. The net proceeds from this exercise are expected to amount to ~$57.1 million, and will likely be used to fund the acquisition of 21 Changi North Way and partially repay debt. We estimate CACHE’s aggregate leverage to drop to ~26% post placement.
"CACHE also announced an advanced distribution of its distributable income for the period from 1 Jan to 29 Mar 2012, just two days before 1Q12 ends. The quantum was initially guided at ~2 cents, and is in line with the DPU of 1.95 cents and 2.10 cents seen in 1Q11 and 4Q11 respectively. Adjusting for the private placement, our fair value now eases to $1.11 from $1.19 previously. MAINTAIN BUY."
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