This article is from the Australian Property Journal archive
THE MacarthurCook Property Securities Fund has secured a 12 month extension to a $38.5 million debt facility with OCBC and will now undertake a strategic review.
The facility will now expire on December 31 2011.
At the same time, MacarthurCook confirms that it is in the process of completing a $1 million capital raising through a private placement of some 13.25 million units at 7.55 cents per unit.
The placement is being undertaken by Austock and proceeds will partly be used to pay down the OCBC facility with the balance retained as working capital.
MPS said the extension and placement are the first in a series of important steps to re-build the fund.
MPS said the board is in the process of finalising the appointment of a corporate advisor to conduct a strategic review which will be concluded in late July.
Australian Property Journal
