Felicia TanFri, Apr 29, 2022  &bull   8:19 AM  GMT+08  &bull
 

Cuscaden Peak has made a cash offer of 93.72 cents for each SPH REIT on April 28.

The offer price has been adjusted for the distributions of 1.24 and 1.44 cents per unit in the 1QFY2022 and 2QFY2022 respectively, from the minimum chain offer price of 96.4 cents.

The cash offer is 3.88% lower than SPH REIT&rsquo s last-closed unit price of 97.5 cents on the same day.

It is also 2.8% lower than the volume weighted average price (VWAP) over the last month.

The offer is conditional upon Cuscaden holding over 50% of the units in the REIT. The offer will not be declared unconditional till its close.

While Cuscaden doesn&rsquo t presently intend to delist the REIT, it says it will not undertake or support any action to lift the trading suspension by the SGX-ST should the free float requirement not be satisfied at the close of the chain offer, where trading of the REIT&rsquo s units will be suspended under the listing rules.

Should Cuscaden receive valid acceptances from unitholders holding 90% of the units in the REIT, it has indicated its intention to exercise its right to acquire the rest of the offer units and delist the REIT from the SGX-ST.

Units in SPH REIT closed flat at 97.5 cents on April 28.

 

WITH its offer to acquire Singapore Press Holdings (SPH) having been approved by shareholders of the mainboard-listed property player, Cuscaden Peak has started despatching to shareholders the forms for them to choose between getting all cash or a combination of cash and SPH Reit  SPHREIT : SK6U 0%  units.

In its regulatory filing furnished to the Singapore Exchange on Thursday (Apr 14), Hotel Properties Limited  HPL : H15 +1.13%  (HPL) announced that the consortium it backed, Cuscaden Peak, requires SPH shareholders to submit the election forms by 5.30 pm on Apr 26 if they want to receive the S$2.36 in cash for each SPH share they hold.

Shareholders, however, need not state their preference if they want to receive a combination of S$1.602 cash and 0.782 SPH Reit units for every SPH share. The cash payment and units crediting are expected to be done latest by May 12.

The offeror noted that shareholders cannot make their election via the form if they hold SPH shares through a depository agent, the CPF Investment Scheme or Supplementary Retirement Scheme (SRS). Their depository agent, CPF agent bank or SRS agent bank would provide these shareholders with information on the election processes.

The court-sanctioned scheme, Cuscaden Peak said, is expected to take effect on Apr 29 SPH shares will be delisted on May 13.

Separately, Cuscaden Peak reminded unitholders of SPH Reit that it is entitled to reduce the minimum chain offer price of S$0.964 per unit by the amount of any distribution or return of capital declared on or after Nov 15, 2021.