Frasers Hospitality Trust (FHT) will hold its scheme meeting in relation to its proposed privatisation at 10.30am on Aug 15.
Unitholders may submit their questions by 10.30am on July 31 while the deadline for the lodgement of the proxy form is at Aug 12.
Frasers Property (FPL) had made a second attempt to privatise FHT at 71 cents per stapled security in May. The first attempt was made in June 2022 when FPL offered unitholders 70 cents per security. That attempt was rejected by shareholders by a narrow margin.
The latest offer price implies a P/NAV of 1.11 times, beating the implied P/NAV of 1.04 times from other S-REIT privatisations.
On July 11, the Singapore Exchange (SGX) gave FHT the approval-in-principle to delist. The trust’s independent financial adviser (IFA), Deloitte & Touche, deemed the scheme as “fair and reasonable” while FHT’s independent directors, at the time, recommended stapled securityholders to “vote in favour” of the scheme resolution at the meeting.
FHT has also invited its unitholders to attend a dialogue with the Securities Investors Association (Singapore), or SIAS, where Eric Gan, CEO of FHT’s managers and Chang Tou Chen, non-executive and independent director of FHT’s managers, will give a presentation and address questions.
See also: Second time’s the charm: FHT unitholders vote to privatise trust with 99.21% approval
As at 9.21am, units in FHT are trading flat at 70 cents.
