Business
Here’s why the Abacus Property (ASX:ABP) share price is in a trading halt
The Abacus Property Group (ASX: ABP) share price won’t be going anywhere on Tuesday after the property company requested a trading halt.
Why is the Abacus Property share price in a trading halt?
This morning Abacus requested a trading halt whilst it launches a fully underwritten equity raising.
According to the release, Abacus is aiming to raise $402 million via a 1-for-4.8 accelerated non-renounceable pro rata entitlement offer in order to repay debt and increase its acquisition capacity for continued growth over the medium term.
In respect to the latter, management notes that it has a current identified acquisition pipeline comprising approximately $160 million of assets under active consideration. From these, approximately…
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