Offer Becomes Unconditional
Hongkong Land Hldgs Ld
09 January 2006
To: Business Editor For immediate release
HONGKONG LAND OFFER FOR MCL LAND BECOMES UNCONDITIONAL
9th January 2006 - Hongkong Land Holdings Limited ('Hongkong Land') today
announced that the voluntary conditional cash offer (the 'Offer') made by its
wholly-owned subsidiary, HKL (Morpheus) Pte. Ltd. (the 'Offeror'), for
Singapore-listed residential property developer MCL Land Limited ('MCL Land')
had become unconditional.
On 9th January 2006, the Offeror received acceptances of the Offer in respect of
151,036,750 Stock Units representing approximately 40.8% of the issued capital
of MCL Land. The Offeror also holds 35,000,000 Stock Units representing
approximately 9.5% of the issued capital of MCL Land, which were acquired
following the announcement of the Offer on 1st December 2005. Accordingly, the
Offeror has received valid acceptances that will increase its holding to more
than 50% of the voting rights of MCL Land, thus satisfying the condition of the
Offer.
Jardine Strategic Singapore Pte Ltd ('JSS') undertook on 1st December 2005 to
accept the Offer in respect of the Stock Units representing some 40.8% of the
issued capital of MCL Land that it will receive from Jardine Cycle & Carriage
Limited by way of a dividend in specie. In accordance with the terms of the
Offer and pursuant to its undertaking, JSS tendered its acceptance of the Offer
in respect of 150,945,350 Stock Units on 9th January 2006.
The closing date for the Offer has been extended from 3rd February 2006 to 17th
February 2006 in compliance with the provisions of the Singapore Takeover Code,
and the Offeror does not intend to extend the Offer beyond that date.
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
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.
This information is provided by RNS
The company news service from the London Stock Exchange
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