The manager of Mapletree Commercial Trust (MCT) has announced that its preferential offering will commence at 9 am on July 12.
See: MCT to give MNACT unitholders alternative option to receive $1.1949 in full cash per MNACT unit, Cash-only consideration for MNACT unitholders was in merger's 'best interests', say the managers of MCT and MNACT and ‘Buy’ MCT and ‘hold’ on to MNACT with introduction of all-cash option: analysts
Unitholders will have till July 20, at 5.30 pm, to accept, apply and pay for the units under the preferential offering.
The units will begin trading at 9 am on July 28.
The preferential offering, which will see MCT units being issued at $2.0039, was announced on March 21 to fund the inclusion of the cash-only consideration for Mapletree North Asia Commercial Trust (MNACT) unitholders.
The issue price of the preferential offering is the same as the scheme issue price of each consideration unit. The offering will be fully backed by MCT’s sponsor, Mapletree Investments.
See also: CICT's manager proposes to acquire ION Orchard at $1.85 billion, subject to EGM
On March 21, MNACT unitholders were given the added option of receiving 100% cash at $1.1949 per MNACT unit in conjunction with the proposed merger of both MCT and MNACT.
Units in MCT closed 1 cent lower or 0.552% down at $1.80 on July 8.
