Cash Offer for MCL to Proceed
Hongkong Land Hldgs Ld
23 December 2005
To: Business Editor For immediate release
CASH OFFER BY HONGKONG LAND FOR MCL LAND TO PROCEED
23rd December 2005 - Hongkong Land Holdings Limited ('Hongkong Land') today
announced that its wholly-owned subsidiary, HKL (Morpheus) Pte. Ltd. (the
'Offeror'), is to proceed with a voluntary conditional cash offer (the 'Offer')
for Singapore-listed residential property developer MCL Land Limited ('MCL
Land') following the fulfilment of a pre-condition. The formal document setting
out the terms and conditions of the Offer will be despatched to the Stockholders
of MCL Land on or about 6th January 2006.
On 1st December 2005, Hongkong Land announced that the making of the Offer was
conditional on the shareholders of Jardine Cycle & Carriage Limited (which holds
65.6 per cent. of the stock units of S$1.00 each ('Stock Units') of MCL Land)
approving the distribution of its Stock Units by way of a dividend in specie
pro-rata to its shareholders (the 'Dividend'). The Dividend has now received
the required shareholder approval and, accordingly, the pre-condition to the
Offer has been fulfilled.
The Offer is priced at S$1.75 (US$1.04) per Stock Unit, and full acceptance of
the Offer will result in a total payment by Hongkong Land of S$647 million
(US$383 million). Jardine Strategic Singapore Pte. Ltd. has undertaken to
accept the Offer in respect of the Stock Units representing some 40.9 per cent.
of the issued share capital of MCL Land that it will receive in the Dividend.
The Offeror also holds Stock Units representing a further 9.5 per cent. of the
issued share capital of MCL Land.
Hongkong Land's main business is commercial property investment in Hong Kong,
and it has been steadily expanding elsewhere in Asia. Hongkong Land's regional
office in Southeast Asia is in Singapore where Hongkong Land is developing a
significant commercial property portfolio. Hongkong Land has also established a
residential property development business in Hong Kong and mainland China, and
proposes to diversify its residential property activities into Southeast Asia.
Hongkong Land is incorporated in Bermuda with its primary share listing in
London, and its shares are also listed in Bermuda and Singapore. Hongkong Land
is a member of the Jardine Matheson Group.
- end -
For further information, please contact:
Hongkong Land Limited
Geoffrey Brown (852) 2842 8138
(852) 9612 3496
GolinHarris
C T Hew (852) 2522 7928
This and other Group announcements can be accessed through the Internet at
'www.hkland.com'.
The respective Directors of Hongkong Land and the Offeror (including any who may
have delegated detailed supervision of this Announcement) have taken all
reasonable care to ensure that the facts stated and opinions expressed in this
Announcement are fair and accurate and that no material facts have been omitted
from this Announcement, and they jointly and severally accept responsibility
accordingly.
Where any information has been extracted from published or publicly available
sources (including, without limitation, in relation to MCL Land and its
subsidiaries and associated companies), the sole responsibility of the
respective Directors of Hongkong Land and the Offeror has been to ensure through
reasonable enquiries that such information is accurately extracted from such
sources or, as the case may be, reflected or reproduced in this Announcement.
This information is provided by RNS
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