Right now, the ASX 300 is down 1.94%. That's comparable to the falls recorded by both the All Ordinaries Index (ASX: XAO) and the S&P/ASX 200 Index (ASX: XJO) on Tuesday.

So, which ASX 300 shares are reaching long-forgotten highs today, and what's inspiring them to trade in the green? Let's take a look.

3 ASX 300 shares hitting new 52-week highs

Irongate Group (ASX: IAP)

The Irongate share price hit a new all-time high of $1.94 in intraday trade on Tuesday.

Interestingly, there's been no news from the real estate investment trust (REIT) to explain its buoyancy.

However, the company is currently in the throws of a takeover proposal from a partnership involving Charter Hall Group (ASX: CHC).

The proposal – which has been given the thumbs up from Irongate's board ­– will see the ASX 300 company's shareholders receiving $1.90 of cash per share they own.

Shareholders will also be eligible for Irongate's upcoming dividend up to the value of 4.67 cents per share.

Eclipx Group Ltd (ASX: ECX)

Fleet lease and management services provider, Eclipx is also in the green today.

In fact, the ASX 300 stock surged 2.8% to trade at $2.88 at its intraday high – the highest it's been since 2018.

There's been no news from the company lately. Though, its share price has gained nearly 34% year to date.

Hotel Property Investments Ltd (ASX: HPI)

Finally, rounding out the ASX 300 shares reaching new 52-week highs on Tuesday is Hotel Property Investments.

The REIT's stock rose to $4.05 – a new all-time high ­– despite the broader market trading in the red today.

The last time the ASX heard news from the company was in February when it released its results for the first half of financial year 2022.

The post 3 ASX 300 shares defying the carnage to reach new 52-week highs appeared first on The Motley Fool Australia.

• The Irongate share price has jumped today after another takeover offer
• Charter Hall and PGGM are interested in buying the Irongate business
• 360 Capital may end up buying some of Irongate's assets

The Irongate Group (ASX: IAP) share price has stormed higher by 17% after receiving another takeover offer, this time from Charter Hall Group (ASX: CHC).

The last takeover approach by 360 Capital Group Ltd (ASX: TGP) was rejected.

Charter Hall's bid for Irongate

In today's announcement, it was revealed that Charter Hall's managed partnership has lobbed a non-binding indicative proposal.

The bid is to buy all of the shares for an Irongate share price of $1.90 cash per stapled security. Under the terms of this bid, Irongate investors will be entitled to retain a distribution for the period ending 31 March 2022 of up to 4.67 cents per stapled security.

Charter Hall notes that this offer is a 21% premium to the Irongate last closing price of $1.57 per security on 28 January 2022.

The partnership between Charter Hall and the Dutch pension fund PGGM expects to fund this proposal from existing financial resources, including existing cash and new debt facilities. Charter Hall and PGGM have received approvals from their relevant board and investment committees to pursue the transaction.

Charter Hall said that it has spent considerable time and resources reviewing Irongate's portfolio from public sources in order to be in a position to put forward this proposal. PGGM and Charter Hall are "highly motivated" and able to complete due diligence and proceed to a formal offer in an "expeditious" manner.

How does 360 Capital factor into this?

Today's indicative proposal includes a memorandum of understanding with Irongate's largest securityholder, 360 Capital.

The memorandum of understanding includes a call option over 360 Capital's 19.9% securityholding of Irongate.

The memorandum also includes standstill and exclusivity provisions in favour of the partnership and describes a proposal where 360 Capital will acquire certain assets within Irongate's portfolio, Irongate's funds management business and its co-investment stake in the ITAP Fund if the partnership is successful at acquiring Irongate.

However, Charter Hall's bid is not conditional on 360 Capital completing the acquisitions.

The first response

The Irongate board is considering this new indicative proposal with the assistance of its advisors, Macquarie, JP Morgan, King & Wood and Cliffe Dekker Hofmeyr.

However, it was noted that the indicative proposal has a number of conditions including completing satisfactory due diligence, final approval of the partnership's boards and investment committees, regulatory approvals, unanimous recommendation by the Irongate board and so on.

Irongate share price snapshot

Over the last six months, Irongate shares are up around 25%.

The post Irongate (ASX:IAP) share price rallies 17% on Charter Hall takeover proposal appeared first on The Motley Fool Australia.

360 Capital Group Ltd (ASX: TGP) and 360 Capital REIT (ASX: TOT) – together, 360 Capital ­– posed its most recent takeover bid of $1.72 in cash per share in mid-December.

It previously posed bids of $1.65 and $1.70, discounting a 4.5 cent dividend paid to Irongate shareholders in early December.

The market appears disappointed by today's rejection. At the time of writing, the Irongate share price has dropped 1.46% to trade at $1.69.

Let's take a look at what's driving the real estate investment trust's (REIT) share price down today.

Irongate share price slips on another rejected takeover bid

The Irongate share price is slumping after the trust rejected yet another takeover bid, stating it didn't "reflect [its] underlying value".

It said the bid didn't appreciate its office and industrial real estate portfolio, its portfolio's value-add upside potential, and the potential of its third-party funds management business.

Finally, the REIT commented if it believed a proposal did reflect maximum value for its shareholders, it would consider it.

Assumedly, that statement lands the ball squarely back in 360 Capital's court.

Each bid so far has been rejected for the same reason. Additionally, according to Irongate, each bid didn't come with any changed conditions.

Irongate didn't announce it had received the second bid to the market as it was immediately rejected. The wannabe acquiree criticised that decision at the time. And perhaps investors are responding now, considering the direction of Irongate shares today. 

In response to its second rejection, 360 Capital commented:

360 Capital is disappointed the IAP board has again chosen not to engage with 360 Capital despite the Improved Indicative Proposal representing an attractive premium across a number of valuation metrics…

On top of that, the company's managing director Tony Pitt noted:

360 Capital remains committed to working with the board and management of Irongate Group for a period of time, but will remain disciplined in its investment approach to assets, particularly given current uncertainties in this rising interest rate environment.

Since 360 Capital pitched its first bid, the Irongate share price has gained 12%. It is also currently nearly 5% higher than it was this time last month.

The post Irongate (ASX:IAP) share price slides as takeover rejected again appeared first on The Motley Fool Australia.

Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:

Afterpay Ltd (ASX: APT)

The Afterpay share price is down 4% to $96.07. This follows another poor night of trade for the Square share price. As Square is hoping to acquire Afterpay in an all-scrip deal, the value of the takeover falls when its shares decline. Unfortunately, the Square share price has fallen so much recently that its offer now represents a premium of less than a 1% to the Afterpay share price prior to the offer.

AVZ Minerals Ltd (ASX: AVZ)

The AVZ share price is down over 8% to 59 cents. This morning the lithium developer announced the completion of its institutional placement. AVZ has received firm commitments to raise $75 million (before costs) at a 22% discount of 50 cents per new share. These funds will be used to progress towards a Final Investment Decision (FID) for the commencement of project development at the Manono Lithium Project in the Democratic Republic of the Congo.

Irongate Group (ASX: IAP)

The Irongate share price is down 5% to $1.57. This decline has also been driven by a capital raising. This morning the real estate investment trust announced the completion of a $50 million institutional placement. These funds were raised at a 6.3% discount of $1.55 per new share. Management will use the proceeds to partly fund the acquisition of an office building located at 510 Church Street, Cremorne VIC.

Santos Ltd (ASX: STO)

The Santos share price is down 3% to $6.43. This is despite the energy producer announcing that its merger with Oil Search Ltd (ASX: OSH) has become effective today. Oil Search shareholders will receive 0.6275 new Santos shares for each Oil Search share held on the record date of 14 December 2021.

The post Why Afterpay, AVZ, Irongate, and Santos shares are dropping appeared first on The Motley Fool Australia.

The real estate investment trust (REIT) is purchasing a Western Australian industrial park and a 50% stake in a Victorian office building.

To pay for the acquisitions, the company has initiated a $50 million placement. While that's happening, the Irongate share price is halted at its previous close of $1.66.

Additionally, the company has updated its guidance for financial year 2022.

Let's take a closer look at what's going on with the REIT on Thursday.

Irongate share price halted ahead of acquisitions

The Irongate share price is frozen today as the company undergoes a placement wherein new shares are offered for $1.55 a piece.

That represents a 6.3% discount on the company's previous closing price.

The raised funds will partly go towards purchasing the stake in the office building for $130 million. Some will also go towards the industrial property's $26 million acquisition.

The remaining costs will be funded using a new tranche of debt under Irongate's existing syndicated debt facility. The facility is provided by Westpac Banking Corp (ASX: WBC) and Australia New Zealand Banking Group Ltd (ASX: ANZ).

According to the company, the acquisitions fall into its strategy of purchasing good quality industrial properties with strong tenant covenants and suburban office properties located near key infrastructure.

The industrial property – Bibra Lake – was built in 2015 and covers 16,861 square meters of lettable area across 8 warehouses. It's located 16 kilometres south of the Perth CBD.

Irongate CEO, Graeme Katz commented on the property, saying:

We have been able to secure the property off-market at an acquisition yield of 5.8%, which provides an attractive spread to the eastern seaboard states, where industrial assets are currently commanding yields of 4.00% – 4.75%.

The office building – the Cremorne Property – is brand new and comprises 19,798 square metres of lettable area across 9 levels. It's made up of office accommodation, ground floor retail, and 145 car parks.

It's in Melbourne's fringe office market, 2 kilometres south-east of the Melbourne CBD.

Commenting on the acquisition of the Cremorne Property, Katz added:

The Cremorne Property provides us with an opportunity to improve the overall quality of the portfolio in a market we are familiar with. The property was developed by Alfasi Group who will maintain a 50% interest in the property.

Guidance upgrade

The Irongate share price might also be commanding attention today following the company's guidance upgrade for financial year 2022.

After the acquisitions, Irongate expects its funds from operations per security growth to be between 6% and 7%, in line with consensus.

Additionally, the company's dividends per share are expected to grow from 2.5% to 3%. That represents the top end of its previously provided guidance.

Finally, Irongate's pro forma gearing is expected to be approximately 34.3% following the acquisitions and placement.

That's in line with its target gearing range of between 30% and 40%. That provides further debt capacity for committed development expenditure and further growth opportunities.

Right now, the Irongate share price is 28% higher than it was at the start of 2021. It has also gained 4% over the last 30 days.

The post Irongate (ASX:IAP) share price halted amid cap raise and $156m property deals appeared first on The Motley Fool Australia.

Just because a business is smaller doesn't mean that it can't pay a large dividend. The yield is dictated by the payout ratio and the valuation.

Plenty of the businesses in the S&P/ASX 200 Index (ASX: XJO) were smaller companies on the ASX at some point. Starting from a smaller base may give them a longer growth runway with their earnings as well.

Here are two small ASX dividend shares with large yields:

360 Capital REIT (ASX: TOT)

This is a diversified real estate investment trust (REIT). It's one of the positions in the Washington H. Soul Pattinson and Co. Ltd (ASX: SOL) financial services portfolio.

It has the ability to invest across most assets in the real estate world. At the moment it has two large strategic holdings in Australian REITs. One holding is 9.2% of Irongate Group (ASX: IAP). Another holding is Peet Limited (ASX: PPC).

Peet is a residential developer that delivers master planned communities, medium density housing and apartments.

Irongate is a diversified real estate investors with real estate assets and a third-party funds management platform. Irongate owns office and industrial assets across Australia and New Zealand.

Another of the small ASX dividend share's recent investments include buying half of PMG Group, a New Zealand based diversified commercial real estate funds management business. At the time of the acquisition, PMG managed five unlisted funds, three single-property syndicates, with 42 properties and NZ$665.7 million of funds under management (FUM).

360 Capital says PMG gives the business an investment in a growing funds management platform with a long track record and diversification through exposure to the New Zealand real estate market. It provides fee income from funds management and underwriting activities.

Its longer-term objective is owning direct assets and value-add opportunities on the balance sheet. Initially, it's getting exposure to this through strategic investments in real estate funds management platforms.

The small ASX dividend share's annual distribution for FY21 is 6 cents per share. That trailing payment reflects a yield of 6.25%.

Pengana Capital Group Ltd (ASX: PCG)

Pengana is another business in the Soul Patts financial services portfolio.

It's a fund manager with a diverse array of funds that it manages. Pengana has strategies relating to international shares, ASX shares, private equity, property and ethical shares.

At 30 June 2021, its FUM had grown to almost $4 billion (the exact number was $3.974 billion). At 31 December 2020, the FUM was $3.6 billion. So the FUM had grown by 10.6% over the prior six months. FUM is an important part of generating revenue for Pengana in the form of management fees.

In the six months to 30 June 2021, the small ASX dividend share generated gross performance fees of $17.3 million. That brought total gross performance fees earned for FY21 to $27.6 million. However, those numbers are before payments to the fund manager teams and bonuses.

The FY21 half-year result saw FUM increase by 15% in the first six months of the financial year. This helped underlying profit before tax increase by 17.1% to $9.2 million.

Pengana declared an interim dividend of 5 cents per share, an increase of 25%. The current trailing dividend is 9 cents per share, meaning it has a trailing grossed-up dividend yield of 7.6%.

The post 2 small ASX shares with big dividend yields appeared first on The Motley Fool Australia.

At the time of writing, Irongate shares are swapping hands for $1.51, down 1.31%

Irongate completes placement

One catalyst for today's fall in the Irongate share price could be investor concerns over an impending share dilution.

According to its release, Irongate announced it has completed a fully underwritten institutional placement to raise $50 million before costs. The company received overwhelming support from a number of institutional investors.

The offer will see approximately 34 million ordinary staples securities, at a price of $1.47 apiece, allocated to participating investors. This represents a 4% discount on the issued securities prior to when the company went into a trading halt on Tuesday morning.

Irongate will use its existing placement capacity to create the new shares. Under listing rule 7.1, this allows up to an additional 15% of its total shares to be issued without shareholder approval.

The company will use the proceeds from the capital raise to partly fund the acquisition of a Sydney-based property. Irongate is seeking to purchase a 100% interest in 38 Sydney Avenue, Canberra for a total of $73.75 million. This implies a current yield of 5.13% for the property.

The new securities are expected to settle this Friday 18 June, with allotment on the ASX on 21 June 2021.

Irongate CEO, Graeme Katz touched on the company's latest capital raising efforts, saying:

We are very pleased with the strong support we have received from investors and are looking forward to delivering on our strategy of growing IAP's asset base by investing in good-quality income-producing properties.

About the Irongate share price

Despite today's falls, Irongate shares have gained around 25% in the past 12 months. The company's share price is nearing its 52-week high of $1.585 reached in mid-May.

Based on valuation grounds, Irongate commands a market capitalisation of around $907 million, with over 611 million shares outstanding.

The post Why the Irongate (ASX:IAP) share price is edging lower today appeared first on The Motley Fool Australia.

The below businesses have yields that are higher than the market average:

360 Capital REIT (ASX: TOT)

360 Capital is a real estate investment trust (REIT) which invests in a wide range of property-related assets.

It has invested in a few different ASX shares in recent times. Peet Limited (ASX: PPC) is a residential developer that delivers master planned communities, medium density housing and apartments. Another investment was Irongate Group (ASX: IAP), which is a diversified real estate investor and it also has a third-party funds management platform.

360 Capital has also bought half of PMG Group, a New Zealand commercial real estate funds management business.

The forecast distribution guidance for FY21 is 6 cents per security, which translates to a forecast yield of 6.25%.

Pengana Capital Group Ltd (ASX: PCG)

Pengana is a fund manager that runs a number of different strategies including ASX shares, international shares and private equity. The company said that it's looking to diversify over time by adding new strategies.

In the six months to December 2020, the ASX share said that funds under management (FUM) increased by 15% thanks to both investment performance and net inflows. All of its strategies outperformed their respective benchmarks for the period. The fund manager said that it's growing FUM on higher margin products.

The Pengana Property Securities Fund was one of the latest products to be launched.

In the half-year result, Pengana grew its interim dividend by 25% to 5 cents per share. That brought the trailing annual payment to 9 cents per share, translating to a grossed-up dividend yield of 8%.

In the latest monthly FUM update, Pengana said its FUM had increased from $3.7 billion to $3.8 billion.

Pacific Current Group Ltd (ASX: PAC)

Pacific is an asset management ASX share that aims to partner with exceptional investment managers. It combines capital (offered through different economic structures) with strategic business development to help those investment managers grow.

Some of its investments include GQG, ROC, Carlisle, Proterra and Victory Park. Those were the ones that saw elevated inflows in the three months to 31 March 2021. It also acquired a stake in Astarte Capital Partners. In that same quarter, it experienced 8.9% organic FUM growth.

Over the last 12 months, Pacific Current has paid an annual dividend of $0.35 per share. That equates to a grossed-up dividend yield of 8.9%.

The post 3 small ASX shares with big dividend yields appeared first on The Motley Fool Australia.

The diversified real estate investment trust ended Monday's trading session 1.1% down to $1.26.

Irongate share price in focus

The Irongate share price could be on the move today as investors had time to digest the latest release overnight.

In its announcement, Irongate advised that it has entered a contract for sale of land to acquire an industrial facility.

Under the agreement, Irongate will pay a total amount of $24.75 million to the vendors of the property. The purchase consideration and transaction costs will be funded by the company tapping into its existing debt facility.

Built in 2018, the industrial complex is located on Main Beach Road in Pinkenba, Queensland. The building comprises 1,852 square meters of office and warehouse space and 33,165 square meters of paved areas for vehicles. Currently, the property is tenanted to Grays, which is the largest industrial, auto and commercial eCommerce business in Australia. The lease expires in March 2028 and has a fixed annual increase of 3.5%.

The settlement date for the acquisition of the property is expected to occur on 22 March 2021.

What did the CEO say?

Irongate CEO Graeme Katz touched on the deal, saying:

The Property provides IAP with a strategic land holding of almost four-hectares in the Australian Trade Coast Precinct, one of Brisbane's premier industrial locations. Pinkenba is immediately adjacent to Brisbane Airport and the area will benefit from infrastructure upgrades associated with the new Brisbane International Cruise Terminal.

We believe the Brisbane industrial sector currently offers relative value and the acquisition will increase IAP's exposure to industrial property to 32% by both income and value.

The Irongate share price is down just over 10% in the last 12-month period.

The post Why the Irongate (ASX:IAP) share price will be on watch today appeared first on The Motley Fool Australia.