Mariner Financial will invest $70 million in four tourist resorts through its new Mariner Coastal Investment Fund (MCIF).
MCIF is seeking to raise equity through an offer of 35 million stapled securities at $1 per stapled security. The offer opens on August 14, 2007. The fund provides high-yielding tax deferred income with potential capital growth.
It is forecast to generate a cash distribution annualised yield of 9.20 per cent for the period ending June 30, 2008 and 9.25 per cent for the period ending June 30, 2009.
MCIF is a stapled security comprising units in the Mariner Coastal Investment Trust, which holds the property, and shares in the management company that operates the assets, Mariner Leisure Management. The fund will not be listed on the securities exchange.
