I can understand why existing shareholders of LMIR Trust are frustrated and this has sent the share price down by 6% today. Sometime in the mid of Sep earlier this year, the management had announced their intention to acquire Lippo Kemang Mall into their portfolio at a cost of $385 million. You can refer to the circular if you wish to read on further on the acquisition. Back then, the Pro Forma for the acquisition looks like this (see below table). The management has intended to fund this acquisition via a mix of internal cash, debt and equity. For the equity portion, the pro forma below used is based on raising $45 million at $0.405/share with an additional 111,111,111 units.

Pro Forma details from Circular

A couple of months passed and shares of LMIR has dropped since then. At a price of $0.37 before yesterday announcement was made, it simply ......