Singapore Press Holdings has announced that its EGM to vote on the choices in the Cuscaden Scheme will be held on March 22 to vote on the privatisation of SPH.
The Cuscaden Scheme offers a choice, of $1.602 in cash and $0.798 in SPH REIT units or all cash at $2.36 per SPH share. Cuscaden has said this will not include the $0.03 per share in dividend paid by SPH, or the $34 million break fee.
Cuscaden has received all regulatory approvals including from the Monetary Authority of Singapore for the acquisition of the REIT managers. All that is needed is shareholders’ approval for the scheme and distribution-in-specie (DIS) of SPH REIT.
Shareholders need to vote on a resolution in favour of the DIS which requires a simple majority. Then more than 50% of shareholders present holding more than 75% of votes need to vote for the privatisation of SPH.
If these two resolutions are voted through, SPH shareholders can opt for either the cash plus REIT option or the cash option. The default option is the cash plus REIT option.
The independent financial adviser says the scheme is fair and reasonable.
