by: Tam Ging Wien

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First REIT unitholders got the unexpected news just days before the new year that the management intends to raise funds via a dilutive rights issue at 20c per unit to recapitalise the REIT – a steep 50.0% discount to the closing price of 40.5c just the day before the announcement.

The action is expected to issue on a pro rata basis of 98 rights for every 100 units or a 98%