Gordon and Celine Tang, through their vehicle Aelios, have made a mandatory conditional offer of $1.16 per unit for all the issued and outstanding units in Suntec REIT. The offer price is at a significant discount to Suntec REIT's net asset value of $2.097 as at end-June.
On Dec 5, Aelios acquired an aggregate of 62,541,700 units via the market for at $1.16 per unit, which represents approximately 2.14% of the total units of the REIT.
Prior to the transaction, Aelios owned an aggregate of 856,201,901 units, representing a stake of approximately 29.31%.
Following the transaction, Aelios owns approximately 31.45% of the total number of issued units in Suntec REIT.
Per rule 14.1 of the takeover code, where a mandatory offer is triggered when an offeror acquires 30% or more of the units in a REIT, Aelios is required to make a mandatory conditional cash offer for all the shares it does not already own in Suntec REIT.
The offer will be conditional upon Aelios receiving 50% or more of the units in Suntec REIT.
The offer document is expected to follow no later than 21 days from the date of announcement.
Units in Suntec REIT closed 1 cent higher, or up 0.86%, at $1.17 on Dec 5.
