Prior to the transaction, Aelios owned an aggregate of 856,201,901 units, representing a stake of approximately 29.31%.
Following the transaction, Aelios owns approximately 31.45% of the total number of issued units in Suntec REIT.
Per rule 14.1 of the takeover code, where a mandatory offer is triggered when an offeror acquires 30% or more of the units in a REIT, Aelios is required to make a mandatory conditional cash offer for all the shares it does not already own in Suntec REIT.
The offer will be conditional upon Aelios receiving 50% or more of the units in Suntec REIT.
See also: Investors should accept ‘very good’ privatisation deal ahead of future uncertainty: FHT
The offer document is expected to follow no later than 21 days from the date of announcement.
Units in Suntec REIT closed 1 cent higher, or up 0.86%, at $1.17 on Dec 5.
