AustraliaÆs APT launches A$356 million rights issue

The question is, will Alinta participate in the 2:7 offering?

Gas distributor Australian Pipeline Trust has launched a 27 renounceable rights issue to raise A$356 million $267 million that will be used to reduce gearing levels and fund future acquisitions. The deal follows the October acquisition of the Allgas distribution business for A$519 million.

Shares in the rights issue will be offered at a price of A$3.75 each, which is a 17% discount to the closing market price on November 15. The 94.9 million ordinary shares will be fully...

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