To recap, the scheme consideration of 98 cents per unit represents a 7.1% premium to adjusted NAV which translates to a Price / Adjusted NAV multiple of 1.07x, which exceeds peer benchmarks and historical averages. The consideration also exceeds the highest ever traded price over the last two years.
Paragon REIT on Mar 27 issued a scheme document in relation to its proposed privatisation and delisting by Cuscaden Peak Investments, by way of a scheme of arrangement. The scheme document follows the earlier Feb 11 joint announcement on the proposed privatisation.
According to the scheme document, the independent financial adviser (IFA) has considered the factors set out in the IFA letter and is of the opinion that the financial terms of the scheme are fair and reasonable.
