Exit Offer to MCL Land Stockh
To: Business Editor For immediate release
Hongkong Land Exit Offer to MCL Land Stockholders Unconditional following Delisting Approval
23rd November 2010 - Hongkong Land Holdings Limited ('Hongkong Land') today announced that the Exit Offer made by its indirect wholly-owned subsidiary, HKL (MCL) Pte. Ltd. ('HKL (MCL)'), to the minority Stockholders of MCL Land Limited ('MCL Land') has become unconditional. This follows the passing of the resolution at the Extraordinary General Meeting of MCL Land Stockholders held today to approve the proposed voluntary delisting of MCL Land ('the Delisting') from the Official List of the Singapore Exchange Securities Trading Limited (the 'SGX-ST').
The proposed Delisting was first announced on 26th August 2010, at which time HKL (MCL) held approximately 77.4 per cent of the stock units of MCL Land. The Delisting is accompanied by an Exit Offer of S$2.45 per stock unit made on behalf of HKL (MCL) by Standard Chartered Bank and Rothschild (Singapore) Limited. The total consideration payable by HKL (MCL) to acquire the stock units the subject of the Exit Offer is approximately US$150 million. The closing date of the Exit Offer is 7th December 2010, or such later date as may be announced.
Following the passing of the Delisting resolution, the expected date for the delisting of the MCL Land stock units from the Official List of the SGX-ST is 21st December 2010, or such later date as may be announced by or on behalf of MCL Land.
Hongkong Land is one of Asia's leading property investment, management and development groups with premium commercial and residential property interests across the region. The Group owns and manages some five million sq. ft of commercial space in Hong Kong that defines the Central Business District, while in Singapore it has a significant interest in a number of major developments. Its Singapore-listed affiliate, MCL Land, is a residential property developer. Hongkong Land is incorporated in Bermuda. It has a premium listing on the London Stock Exchange, and secondary listings in Bermuda and Singapore. Hongkong Land is a member of the Jardine Matheson Group.
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For further information, please contact:
Hongkong Land Limited
John R Witt (852) 2842 8101
GolinHarris
Sue So (852) 2501 7984
This and other Group announcements can be accessed through the Internet at 'www.hkland.com'.
The respective directors of Hongkong Land and HKL (MCL) (including any who may have delegated detailed supervision of this press release) have taken all reasonable care to ensure that the facts stated and opinions expressed in this press release (other than those relating to MCL Land) are fair and accurate and that no material facts have been omitted from this press release, and they jointly and severally accept responsibility accordingly.
Where any information in this press release 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 HKL (MCL) 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 press release.
This information is provided by RNS
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