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Tue, September 29, 2020 – 5:55 pm
THE PARTICIPANTS of CapitaLand Mall Trust (CMT) and CapitaLand Commercial Trust (CCT) on Tuesday voted “emphatically” in favor of the proposed merger of CMT and CCT to form a new real estate investment trust (Reit), although CCT participants had a lower approval rate than CMT shareholders.
In a joint statement, managers said that more than 3,000 shareholders voted by proxy at the CMT’s Extraordinary General Meeting (EGM) and the CCT’s EGM and Trust Scheme Board that were conducted through electronic means. . The five resolutions of the three meetings were duly approved and endorsed.
In CMT’s EGM, about 98.89 percent of the total number of votes were in favor of the proposed merger through the trust scheme, while about 98.88 percent of the total number of votes were in favor of the issuance of new CMT units as part of the consideration of the merger scheme.
Pyramex Investments, Albert Complex, Premier Healthcare Services International, CMT Management and their associates abstained from voting on these resolutions.
The managers said for “good corporate governance purposes” Jason Leow, at the same time the president of CapitaLand Singapore and CapitaLand Group International; and Jonathan Yap, simultaneously president of CapitaLand Financial of CapitaLand Group and director of CCT Management, also abstained from voting on these resolutions.
At the CCT trust scheme meeting, the resolution on the merger through the trust scheme received approximately 90.31 percent approval by the staff, which represents approximately 98.23 percent in value of the total number of CCT units held by the unitholders who voted.
The manager of CCT, the concert parties of the manager of CMT, as well as the common substantial shareholders of CMT and CCT abstained from voting on the resolution of the trust scheme.
The resolution on the amendments to the trust deeds of the CMT and CCT was approved with approximately 99.75 percent and 96.04 percent of the total number of votes respectively.
Under the trust scheme, CMT will acquire all CCT units held by CCT participants in exchange for a combination of new CMT units and cash. The consideration for each CCT unit under the trust scheme comprises 0.720 new CMT units and S $ 0.2590 in cash.
The merged entity is expected to be one of the largest Reits in Asia Pacific and the largest in Singapore by market capitalization (S $ 12.7 billion) and total portfolio property value (S $ 22.4 S $ 1 billion).
Called the CapitaLand Integrated Commercial Trust (CICT), it is also expected to be the largest representative of Singapore’s commercial real estate with a diversified portfolio of 24 “strategically located and high-quality” retail, office and integrated developments in Singapore and elsewhere. the foreigner said Administrators.
Subject to obtaining the necessary approvals, the merger is expected to take effect on October 21. The last trading day for CCT is expected to be October 16.
Shares of CCT and CMT last traded at S $ 1.69 and S $ 1.99 on Monday, respectively, before the suspension of trading was called.
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