Aelios Pte. Ltd. Revises Offer for Suntec REIT with Critical Updates for Shareholders
Aelios Pte. Ltd., in collaboration with United Overseas Bank Limited (UOB) and DBS Bank Ltd., has issued a series of important updates regarding its mandatory conditional cash offer to acquire all issued and outstanding units in Suntec Real Estate Investment Trust (Suntec REIT). These updates, which were announced on January 28, 2025, contain key revisions, disclosures, and corrections that shareholders need to consider, as they may have significant implications for Suntec REIT’s unit prices.
Key Updates on the Offer
- Revised Offer Price: The Offer Price per Suntec REIT unit has been revised to S\$1.19 in cash, as announced on January 8, 2025. This represents a critical valuation update for shareholders considering the offer.
- Acquisition of Units: On January 28, 2025, the Offeror acquired 1,209,400 units via open market purchases, representing approximately 0.04% of the total issued units of Suntec REIT. The price paid per unit was S\$1.19.
- Current Ownership Status: As a result of the most recent transactions, Aelios Pte. Ltd. now owns or controls a total of 110,244,200 units, representing 3.76% of the total issued units. When combined with the holdings of parties presumed to act in concert with Aelios, this figure rises to 988,534,951 units, representing 33.69% ownership.
Important Correction in Unit Calculations
In a corrigendum issued on January 27, 2025, the Offeror corrected the total number of issued units in Suntec REIT from 2,921,418,466 units to 2,933,932,184 units. This adjustment arose from the issuance of units for the payment of management fees to the REIT manager. Consequently, prior percentage calculations have been updated as follows:
- Percentage of total issued units represented by units acquired on January 27, 2025: 0.71%.
- Percentage of total issued units owned or controlled by Aelios as of January 27, 2025: 3.72%.
- Percentage of total issued units owned or controlled by Aelios and its concert parties as of January 27, 2025: 33.65%.
Implications for Shareholders
These updates are critical for shareholders evaluating the offer. The revised Offer Price of S\$1.19 per unit may serve as a key benchmark for unit value, potentially influencing market dynamics and investor sentiment. Furthermore, the Offeror’s growing ownership stake could result in changes to Suntec REIT’s governance and strategic direction.
Shareholders should also note the Offeror’s statement from January 24, 2025, indicating that while there are no current plans to further increase the revised Offer Price, the Offeror reserves the right to do so in a competitive situation. This leaves room for potential price adjustments in the event of heightened interest or competition.
Forward-Looking Statements
The Offeror and its financial advisers, UOB and DBS Bank, have emphasized that all non-historical statements in their announcements are forward-looking and subject to risks and uncertainties. Actual outcomes may differ materially, and shareholders are advised to exercise caution and seek independent financial advice where necessary.
Contact Information
For inquiries, shareholders can reach out to the following:
- United Overseas Bank Limited: +65 6539 7066
- DBS Bank Ltd.: +65 6878 6347
Disclaimer
This article is for informational purposes only and does not constitute financial advice. Shareholders and investors are encouraged to review the full offer documentation and consult with professional financial advisers before making any investment decisions. The author and publisher of this article accept no liability for financial decisions made based on this information.
