Cuscaden Peak begins sending forms for shareholders to choose between cash or a cash-REIT combination in SPH acquisition
Cuscaden Peak, the consortium backing the acquisition of Singapore Press Holdings (SPH), has initiated the distribution of forms to SPH shareholders, allowing them to choose between a full cash offer or a combination of cash and SPH Reit units. The offer follows approval from SPH’s shareholders for the acquisition by the mainboard-listed property player.
According to a filing made with the Singapore Exchange on April 14, shareholders must submit their election forms by 5.30 pm on April 26 if they wish to receive S$2.36 in cash for each SPH share they hold. For those who prefer a mix of S$1.602 cash and 0.782 SPH Reit units per SPH share, no action is required to indicate their preference. The cash payments and SPH Reit units will be credited by May 12 at the latest.
It was also highlighted that shareholders holding SPH shares via depository agents, CPF Investment Scheme, or Supplementary Retirement Scheme (SRS) should follow the election procedures provided by their respective agents. The scheme is expected to come into effect on April 29, with SPH shares being delisted by May 13.
In a separate note, Cuscaden Peak reminded SPH Reit unitholders that it has the right to adjust the minimum offer price of S$0.964 per unit in the event of any distributions or capital returns declared after November 15, 2021. Following recent distributions, the offer price could be reduced by S$0.0124 per unit for the payment made in February, and by another S$0.0144 for the upcoming April distribution, provided Cuscaden Peak acquires at least 30% of SPH Reit units.
Shares of Hotel Properties Limited (HPL), which backs Cuscaden Peak, closed at S$3.55, a rise of one Singapore cent, while SPH Reit units remained flat at S$0.955 before the announcement.
