Croesus Retail Trust

[AQ.]

I tried reading the announcement a few times over but I cannot make sense of what they are trying to say. Is there someone who does and can you share with the rest of us please? Thanks in advance

All reits in Sg employ an external manager i.e. the P&L of the manager belongs to another party.
E.g. Manager buys Japanese mall for CRT and gets $1mio as fees. The $1mio goes to manager.

Now CRT wants to buy over the manager so essentially it is internally owned i.e. P&L of manager belongs to CRT now.
In the above scenario, the manager still gets $1mio fee. But since CRT owns the manager, the fees go back to CRT and is eliminated on a group level.

This comes at a price of course - CRT is doing a 1 for 22 rights issue to fund the acquisition of the manager for ard $50mio.