Lyon Investments Limited Makes Voluntary Unconditional Cash Offer to Acquire Sinarmas Land Limited Shares
In a significant move, Lyon Investments Limited, a company incorporated in Hong Kong, has made a voluntary unconditional cash offer to acquire all the issued and paid-up ordinary shares in the share capital of Sinarmas Land Limited (the “Company”). The offer, which is being made through PricewaterhouseCoopers Corporate Finance Pte Ltd, is for S$0.31 in cash per share.
Key Points:
Offer Price: S$0.31 in cash per share, representing a premium of approximately 12.7% over the last traded price of S$0.275 per share on 24 March 2025.
Offer Shares: The offer is extended to all shares in the Company, except those held in treasury and those held, directly or indirectly, by the Offeror.
Irrevocable Undertakings: As at the Latest Practicable Date, neither the Offeror nor any person acting in concert with the Offeror has received any irrevocable undertaking from any other person to accept or reject the Offer.
Listing Status: The Offeror intends to make the Company its wholly-owned subsidiary and does not intend to preserve the listing status of the Company.
Important Information for Shareholders:
Acceptance Period: The offer will remain open for acceptances for a period of at least 28 days from the date of posting of the Offer Document. The offer will close at 5.30 p.m. (Singapore time) on 14 May 2025 or such later date(s) as may be announced from time to time by or on behalf of the Offeror.
Procedures for Acceptance: Shareholders who wish to accept the offer should complete and sign the Form of Acceptance and Authorisation for Offer Shares (the “FAA”) or the Form of Acceptance and Transfer for Offer Shares (the “FAT”), as applicable, and submit it to the Offeror by the Closing Date.
Overseas Persons: The availability of the offer to shareholders whose mailing addresses are outside of Singapore may be affected by the laws of the relevant overseas jurisdictions.
Financial Evaluation of the Offer:
Premia: The Offer Price represents premia of approximately 12.7% over the last traded price of S$0.275 per share on 24 March 2025, and 17.1%, 5.6%, 0.5%, 14.6%, 16.8% and 18.5% over the VWAP of the shares over the one (1)-month, three (3)-month, six (6)-month, twelve (12)-month, twenty-four (24)-month and thirty-six (36)-month periods respectively up to and including the Last Market Day.
Rationale for the Offer:
Opportunity for Shareholders to Realize a Clean Cash Exit: Shareholders will have an opportunity to realize their investments in the Company for a cash consideration at a premium over the historical transacted prices of the shares on the SGX-ST, without incurring any brokerage and other trading costs.
Unoptimised Multi-Layered Corporate Structure: The Group’s current structure, comprising layers of corporate entities across different jurisdictions, limits the Company’s ability to reorganise the Group’s operations or execute strategic decisions.
Disclaimer:
This article is for informational purposes only and does not constitute an offer or solicitation to buy or sell any securities. The information contained in this article is based on publicly available sources and may not be accurate or up-to-date. Investors should do their own research and consult with a financial advisor before making any investment decisions. The author and publisher of this article are not responsible for any losses or damages resulting from the use of this information.
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