Cromwell European REIT - 38-for-100 Rights Issue (Part 2)

This article is a follow-up to my previous short write-up about Cromwell European REIT here.

Cromwell European REIT's proposed rights issues has been approved by ways of the EGM on 15 November 2018 (link to announcement here). (I'm kind of late to the game for this write-up).

Summary
38-for-100 rights issue at 0.373 EUR per unit.
Acquisition is Yield-accreditive (expecting about +20% to distributable income), but not DPU-accreditive (expecting about -12% DPU).

Here is the indicative time-table for the rights issue:

Event	Date/Time
Last day of “cum-rights” trading for the Rights Issue	20 November 2018
First day of “ex-rights” trading for the Rights Issue	21 November 2018
Rights Issue Books Closure Date	23 November 2018 at 5.00 p.m.
Despatch of the Offer Information Statement (together with the Entitlement Letter) to Eligible Unitholders	28 November 2018
Commencement of trading of Rights Entitlements	28 November 2018 from 9.00 a.m.
Closing date
Last date and time of trading of Right Entitlements	6 December 2018 at 5.00 p.m.
Last date and time for acceptance of the Rights Entitlements and payment for Rights Units	12 December 2018 at 9.30 p.m.
Last date and time for application and payment for Excess Rights Units	12 December 2018 at 9.30 p.m.
Last date and time for acceptance of and payment by the renounce	12 December 2018 at 9.30 p.m.
Expected date of the issuance of the Rights Units	20 December 2018
Expected date for crediting of Rights Units	21 December 2018
Expected date for commencement of trading of Rights Units on the SGX-ST	21 December 2018 from 9.00 a.m.
Expected date for refund of unsuccessful applications	21 December 2018

Other things to note

• As of writing, EUR-to-SGD ratio is approximately 1.56. This translates to SGD 0.582 per unit for the rights issue.
• Counter is trading XR and has last traded at EUR 0.445 thus far.
• Fun fact: For an investor whose portfolio only included units from subscription to the IPO (about EUR 0.555 and EUR-to-SGD of about 1.609 at that time), he or she has to subscribe 153 rights units for every 100 to breakeven in capital based on current price (not for quick punt from my observation).
• This has yet to factor in any commission charge or forex gain/loss.
• This will cost more if the investor has decided to purchase more rights so as to guarantee  his rights subscription.

The author is vested (albeit in a small position) and intends to increase his position by means of the rights issue. This article is provided for info only and does not constitute the author's recommendation, solicitation or otherwise decision-making for any investors - DYOR/DYODD if you intend to purchase.