RHT Health Trust will be delisted from the Singapore Exchange S68 Securities Trading Limited (SGX-ST) at 9am on Jan 31.
Following the delisting, RHT's unitholders will have their units withdrawn from the Central Depository (CDP) and confirmation notes will be issued to them confirming the number of units they have. Under the trust deed, the confirmation note shall be deemed to be a certificate evidencing title to the units.
On July 4, 2023, the trustee-manager of RHT Health Trust said that it will not be seeking a further extension of time to maintain its listing status.
“The trustee-manager had taken into consideration several factors, including that RHT has no intention of utilising the listing platform for any fundraising activities or the injection of new business, the costs of listing outweighing the benefits to unitholders,” said the trustee-manager in its July 4, 2023, statement.
Furthermore, it noted that the trust continues to incur significant listing and other related compliance costs even though its units remain suspended since Nov 28, 2019.
“The trustee-manager can continue to update unitholders on matters relating to RHT through the publication of announcements on its website. The trustee-manager believes that the costs savings generated would in the best interests of all the unitholders of RHT as a whole,” it added.
See also: Second Chance Properties to delist on Nov 11
The SGX-ST had issued a notification of delisting to RHT on June 23, 2023, and had asked the trustee-manager to consider other modes of making an exit offer. This includes – but is not limited to – distributing its net assets and, or cash attributable to unitholders or applying to the court to wind up or liquidate the trust.
The trustee-manager had proposed to wind up the trust on a voluntary basis on Nov 8, 2019. The proposed winding up was subject to the approval of RHT’s unitholders via an extraordinary general meeting (EGM) to be held on Dec 3, 2019.
