mr funny
24-11-10, 23:52
http://www.businesstimes.com.sg/sub/companies/story/0,4574,414542,00.html?
Published November 24, 2010
MCL Land delisting: shareholders give nod
By JOYCE HOOI
MCL Land's shareholders approved its proposed voluntary delisting move in an extraordinary general meeting yesterday, the company announced.
The acceptance satisfies the condition for the exit offer made by MCL Land's parent company, Hongkong Land.
Hongkong Land, which owns 79 per cent of MCL Land, had offered $2.45 in cash per MCL Land share, which represented a 25.6 per cent premium to the former's last traded price of $1.95 at the time of the announcement in August.
Earlier this month, MCL Land's independent directors had advised shareholders to accept the exit offer.
As of 5 pm yesterday, acceptances of the exit offer received had come up to a total of 13,917,425 stock units - which represented about 3.8 per cent of the total stock units.
'Following the passing of the delisting resolution, the expected date for the delisting of the MCL Land stock units is 21st December 2010 or such later date as may be announced by or on behalf of MCL Land,' a press release from Hongkong Land said.
'Following the delisting, it is likely to be difficult for the stockholders who do not accept the exit offer to sell their stock units in the absence of a public market for the stock units.'
The closing date for the exit offer is 5.30pm on Dec 7.
Published November 24, 2010
MCL Land delisting: shareholders give nod
By JOYCE HOOI
MCL Land's shareholders approved its proposed voluntary delisting move in an extraordinary general meeting yesterday, the company announced.
The acceptance satisfies the condition for the exit offer made by MCL Land's parent company, Hongkong Land.
Hongkong Land, which owns 79 per cent of MCL Land, had offered $2.45 in cash per MCL Land share, which represented a 25.6 per cent premium to the former's last traded price of $1.95 at the time of the announcement in August.
Earlier this month, MCL Land's independent directors had advised shareholders to accept the exit offer.
As of 5 pm yesterday, acceptances of the exit offer received had come up to a total of 13,917,425 stock units - which represented about 3.8 per cent of the total stock units.
'Following the passing of the delisting resolution, the expected date for the delisting of the MCL Land stock units is 21st December 2010 or such later date as may be announced by or on behalf of MCL Land,' a press release from Hongkong Land said.
'Following the delisting, it is likely to be difficult for the stockholders who do not accept the exit offer to sell their stock units in the absence of a public market for the stock units.'
The closing date for the exit offer is 5.30pm on Dec 7.