Olive Tree Estates Faces Mandatory Unconditional Cash Offer at S\$0.12: What Investors Need to Know

Key Points from the Offer Document

• Mandatory Unconditional Cash Offer: Advansory Investment Pte. Ltd. (the “Offeror”) has launched a mandatory unconditional cash offer to acquire all the Offer Shares of Olive Tree Estates Limited at S\$0.12 per share, payable in cash.
• Final Offer Price: The Offeror explicitly states that the offer price of S\$0.12 is final and will not be revised. Shareholders should not expect any increase in the offer price.
• Closing Date: The offer closes at 5.30 p.m. (Singapore time) on 28 November 2025. The Offeror does not intend to extend the offer beyond this date.
• How to Accept: Shareholders may accept the offer either electronically via investors.sgx.com (for individual and joint-alternate signatory accounts) or by submitting the physical Form of Acceptance and Authorisation (FAA) to the Central Depository.
• Irrevocability: Once acceptance is submitted, it is irrevocable except as expressly provided in the Offer Document and the Singapore Code on Take-Overs and Mergers.
• Settlement: Settlement will be made within seven business days of receipt of valid acceptance, with payment credited directly to the shareholder’s designated bank account via CDP’s Direct Crediting Service (DCS) or, if not available, to the shareholder’s Cash Ledger.
• Eligibility and Special Cases: The offer is available to all shareholders, including those residing overseas, but is subject to legal restrictions in some jurisdictions. Shareholders holding shares through CPF, SRS, or as corporations must accept the offer through their respective agent banks or in accordance with their signing mandates.

Important Information for Shareholders

• Potential Price Sensitivity: The offer price of S\$0.12 per share is a key figure for investors, especially those considering the current market price and the company’s prospects. The fact that the Offeror has declared this price as final means that shareholders must decide based on current information, as there will be no upward revision.
• Unconditional Nature of Offer: Since the offer is unconditional, any and all shares tendered will be accepted, provided they meet the requirements. This could result in significant changes to the company’s ownership structure.
• Effect of Acceptance: Shares accepted into the offer will be blocked from trading and transferred to the Offeror upon settlement. Shareholders will lose all rights attached to those shares, including participation in any future corporate actions and dividends after the offer announcement date (10 October 2025).
• Price Adjustment for Distributions: If any dividends or other distributions are declared after the offer announcement date but before settlement, the offer price will be reduced by the amount of such distribution.
• Rejection of Late or Invalid Acceptances: Acceptances received after the deadline, or those not in line with the instructions, may be rejected at the absolute discretion of the Offeror, Evolve Capital Advisory, or CDP.
• Special Instructions for Deceased or Overseas Shareholders: Special procedures apply for shares held by deceased shareholders or those residing overseas. Power of Attorney and probate documentation may be required.
• Disclosure and Privacy: By accepting the offer, shareholders consent to the disclosure of their personal data to the Offeror and related parties for purposes of the transaction and regulatory compliance.

Potential Impact on Share Price and Investor Actions

This offer could be highly price-sensitive for Olive Tree Estates Limited:

• The offer price of S\$0.12 per share may act as a de facto price floor for the stock in the near term, especially given the finality and unconditional nature of the offer.
• If a significant portion of shareholders accept the offer, it could lead to a change in control or possible delisting, depending on the resulting free float and regulatory requirements.
• Investors should compare the offer price with recent market prices and consider the company’s prospects before making a decision. Acceptance is irrevocable, and future upside in the share price will not be available to those who tender their shares.

Detailed Procedural Information

• If you hold shares in scrip form (physical certificates), a different form (FAT) must be used, available from the company’s registrar.
• Acceptances must be properly completed, signed, and submitted with all required supporting documents. Incorrect or incomplete submissions are subject to rejection.
• Shareholders can verify their shareholdings via CDP Online or CDP Phone Service using SMS OTP.
• No acknowledgement of submission will be given; all communications will be sent by ordinary post at shareholder risk.
• There are indemnity clauses—shareholders indemnify the Offeror, ECA, CDP, and the Registrar for any consequences arising from the submission of the FAA and related documents.

Conclusion

The mandatory unconditional cash offer for Olive Tree Estates Limited at S\$0.12 per share is a significant corporate action with substantial implications for current investors. Shareholders should carefully consider their options, the finality of the offer price, and their expectations for the company’s future before making any acceptance. The deadline for accepting the offer is 28 November 2025, 5.30 p.m. (Singapore time).

Disclaimer: This article is for informational purposes only and does not constitute financial advice or a recommendation to buy or sell any security. Investors should consult with their financial advisors and consider their own circumstances before making any investment decisions. The author and publisher accept no liability for any loss arising from reliance on the information provided.

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