Offeror says Sinarmas Land offer price is final, extends offer period to Jun 2
[SINGAPORE] Lyon Investments said on Sunday (May 18) that its offer price of S$0.375 per share of Singapore-listed property developer Sinarmas Land is final, and that it does not intend to revise the current offer price. It will also extend the closing date of the offer from May 29 to Jun 2, 5.30pm.
The announcement comes after it raised the offer price on May 10. The revised offer price represents an increase of 21 per cent or S$0.065 over the initial offer price, and is higher than the highest closing price of the company's shares for more than six years.
Lyon Investments held about 70.3 per cent of the total number of issued shares in Sinarmas Land at the launch of the initial offer. As at May 16, it received valid acceptances of about 23.1 per cent of the total shares. This brings the offeror's total number of shares held to about 81.2 per cent.
On May 5, the Securities Investors Association (Singapore), also known as Sias, criticised the initial offer as 'exploitative'. It had concerns about the manner in which the company's unlisted assets were valued.
On May 16, mainboard-listed Sinarmas Land released a letter which contained, among other things, the independent financial adviser's (IFA), W Capital Markets, opinion that on balance, the financial terms of the revised offer price are 'fair and reasonable'.
The offeror added on Sunday that it will apply to the Singapore Exchange (SGX) to obtain a waiver to comply with the voluntary delisting requirements in view of the revised opinion from the IFA and the valid acceptances of the offer it had received from shareholders.
The offeror noted that SGX Regulation had clarified that it will consider waiving compliance from the voluntary delisting of an issuer if the offer is fair and reasonable, and the offerer has received acceptance from independent shareholders at least 75 per cent of the total number of issued shares held by independent shareholders.
Shares of Sinarmas Land closed 1.3 per cent or S$0.005 lower at S$0.375 on Friday.
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