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X-Leisure Unit Trust to raise £50m
The X-Leisure Unit Trust intends to raise around £50m through an open offer to existing shareholders.
Capital & Regional - the property asset manager which owns a 19.4 per cent stake in X-Leisure - made the announcement, and said that new units will be offered at a price of 10p.
The trust has already agreed a revised facility agreement that allows for the relaxation of loan-to-value covenants and for the trust's Brighton Marina property to be refinanced.
Hugh Scott-Barrett, chief executive of Capital & Regional, said: "The announcement of the X-Leisure Fund's intention to raise £50m by way of an open offer is an important step in strengthening the position of the fund."
A unit holder vote on the proposals is expected to take place in mid-June and completion is anticipated by the end of July.
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