Ascott Residence Trust announced that it is undertaking a renounceable rights issue to raise a gross proceeds of $442.7 million to make an acquisition of 3 properties. The rights was issued at 29 units for every 100 existing shares at a price of $0.919, which is a 21.5% discount from the last traded price of $1.17. The theoretical ex-rights price would be $1.11. This came a bit too fast and surprising considering they had not long ago refinance through the financing options of MTN. You might also recall that it was only last year they had done placement exercise in the acquisition of property in NewYork for USD 158 million. Perhaps the amount of consideration this time on the 3 properties is big enough to warrant calling a rights issue. I've blogged a couple of articles in the past regarding the company and I mentioned ...