Proposed Tender Offer for up to 13,334,000 shares

RNS Number : 3273R

Aseana Properties Limited

08 December 2016

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, INTO ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

8 December 2016

Aseana Properties Limited

("Aseana" or the "Company")

Proposed Tender Offer for up to 13,334,000 shares

Aseana Properties Limited (LSE: ASPL), a property developer in Malaysia and Vietnam listed on the Main Market of the London Stock Exchange, announces that it proposes, subject to Shareholder approval at an Extraordinary General Meeting, to return US$ 10,000,500 to Shareholders by way of a tender offer for up to 13,334,000 shares at a tender price equivalent to the net asset value per share of the Company, as at 30 September 2016, of US$ 0.75 per share. The Company proposes to hold all repurchased shares in treasury.

The Company will shortly issue a circular to its Shareholders containing full details of the Tender Offer and a notice of Extraordinary General Meeting.

Background to the Tender Offer

At an extraordinary general meeting Aseana held on 22 June 2015, Shareholders voted in favour of its Board's proposals to amend the Company's investment policy to enable a realisation of the Company's assets in a controlled, orderly and timely manner, with the objective of achieving a balance between periodically returning cash to Shareholders and maximising the realisation value of the Company's investments.

As to the methods to be used to return cash to Shareholders, in the Chairman's letter in the Company's circular to Shareholders of 22 May 2015, he advised Shareholders that the Company would consult with its advisers as to the most appropriate mechanism for returning surplus cash equitably to Shareholders, noting that the Company may consider making tender offers to purchase shares as a method of making such distributions.

Following the recent disposals and reductions of the Company's stakes in certain projects and developments, including the Nam Long Investment Corporation (divestment completed on 2 November 2016) and Aloft Kuala Lumpur Sentral Hotel (sale completed on 23 June 2016), the Company has consulted with its advisers and consequently decided to implement the tender offer as a means by which to return cash to Shareholders.

The Board continues to seek to realise the Company's assets and will communicate with Shareholders in due course in order to make further capital distributions based on the availability of surplus cash.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 ("MAR").

For further information:

Aseana Properties Limited		Tel: [phone]
Chan Chee Kian		Email: [e-mail]
N+1 Singer		Tel: [phone]
James Maxwell / Liz Yong (Corporate Finance) Sam Greatrex (Sales)
Tavistock		Tel: [phone]
Jeremy Carey / James Verstringhe		Email: [e-mail]

Notes to Editors:

London-listed Aseana Properties Limited (LSE: ASPL) is a property developer investing in Malaysia and Vietnam.

Ireka Development Management Sdn Bhd ("IDM") is the exclusive Development Manager for Aseana. It is a wholly-owned subsidiary of Ireka Corporation Berhad, a company listed on the Bursa Malaysia since 1993, which has over 48 years of experience in construction and property development. IDM is responsible for the day-to-day management of Aseana's property portfolio.

 

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