Keppel Land is proposing a selective capital reduction exercise to cancel all the shares still held by shareholders after being delisted.
Keppel Land says it has received many queries from shareholders on how they could trade their shares since it was taken private by parent Keppel Corp last year.
“As there is no public market for the shares of Keppel Land, the selective capital reduction exercise will allow participating shareholders to realise the value of their investment in Keppel Land,” says the company.
Keppel Corp currently owns 99.27% of Keppel Land, with the remaining 0.73% held by various shareholders. The participating shareholders will receive $4.24 for each share cancelled.
This is the same amount paid to shareholders who had tendered their shares in last year’s voluntary unconditional cash offer, after they received the FY2014 dividend of 14 cents per share.
The price of $4.24 for each share represents a premium of 16.2% over the last transacted price of $3.65 per share on the Singapore Exchange Jan 20, 2015, being the last full day of trading in Keppel Land shares.
The selective capital reduction exercise will involve reducing the share capital of the company by about $47.9 million.
Keppel Land will convene an extraordinary general meeting (EGM) to seek shareholders’ approval of the exercise.
The resolution will require the approval of at least 75% of all shares voted by shareholders present and voting at the EGM.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
Keppel Land says it has received many queries from shareholders on how they could trade their shares since it was taken private by parent Keppel Corp last year.
“As there is no public market for the shares of Keppel Land, the selective capital reduction exercise will allow participating shareholders to realise the value of their investment in Keppel Land,” says the company.
Keppel Corp currently owns 99.27% of Keppel Land, with the remaining 0.73% held by various shareholders. The participating shareholders will receive $4.24 for each share cancelled.
This is the same amount paid to shareholders who had tendered their shares in last year’s voluntary unconditional cash offer, after they received the FY2014 dividend of 14 cents per share.
The price of $4.24 for each share represents a premium of 16.2% over the last transacted price of $3.65 per share on the Singapore Exchange Jan 20, 2015, being the last full day of trading in Keppel Land shares.
The selective capital reduction exercise will involve reducing the share capital of the company by about $47.9 million.
Keppel Land will convene an extraordinary general meeting (EGM) to seek shareholders’ approval of the exercise.
The resolution will require the approval of at least 75% of all shares voted by shareholders present and voting at the EGM.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
No comments:
Post a Comment