Revised Cash Offer for Suntec REIT Units Could Drive Shareholder Decisions

17 January 2025 – Aelios Pte. Ltd., through its financial advisers United Overseas Bank Limited (UOB) and DBS Bank Ltd. (DBS), has announced a revision to its mandatory conditional cash offer for Suntec Real Estate Investment Trust (Suntec REIT) units. The offer price has been increased to S\$1.19 in cash per unit, a development that is likely to attract significant attention from shareholders and could impact the trust’s unit price going forward.

Key Highlights of the Revised Offer

• The revised offer price is S\$1.19 in cash per unit, up from the initial offer price.
• The revised offer is conditional on the Offer becoming unconditional in all respects as per its terms.
• Unitholders who have already accepted the offer are entitled to the revised price automatically, with no further action required.

Extended Closing Date

The closing date for the offer has been extended from 20 January 2025 to 3 February 2025, providing unitholders additional time to consider their decision. This extension aligns with Rule 20.1 of the Singapore Code on Take-overs and Mergers, which mandates a minimum 14-day period following a price revision notification.

Acceptance Procedures

Unitholders who have yet to accept the revised offer can do so using the existing acceptance forms provided earlier. The forms must be submitted by 5:30 p.m. (Singapore time) on the closing date. For those holding units with The Central Depository (Pte) Limited (CDP), electronic submission is also available via the SGX Investor Portal.

CPFIS and SRS investors will receive specific instructions from their respective agent banks and must act according to the deadlines provided in those communications.

Important for Overseas Unitholders

Overseas unitholders may request copies of the notification letter and relevant forms by contacting CDP or Boardroom Corporate & Advisory Services Pte. Ltd. However, any documents sent to an overseas address will be done so at the unitholder’s own risk and must comply with local laws.

Financial Resources Confirmed

UOB and DBS have assured unitholders that Aelios Pte. Ltd. has sufficient financial resources to meet the full acceptance of the revised offer. This assurance underscores the offeror’s commitment to completing the transaction smoothly and without delays.

Impact on Shareholder Decisions

The revised offer price of S\$1.19 per unit represents a potentially attractive valuation for shareholders looking to exit their positions in Suntec REIT. Given the cash nature of the offer and the extension of the deadline, this development could influence the trust’s unit price and trading activity in the short term.

Disclaimer

The directors of Aelios Pte. Ltd. have confirmed the accuracy of the information provided in this notification. However, unitholders are advised to consult independent professionals before making any financial decisions regarding the offer. This article is for informational purposes only and should not be considered financial advice.