Aseana Properties Limited Proposed Tender Offer for up to 13,334,000 shares (3273R)
08 December 2016 - 9:40PM
UK Regulatory
TIDMASPL
RNS Number : 3273R
Aseana Properties Limited
08 December 2016
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, INTO ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
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8 December 2016
Aseana Properties Limited
("Aseana" or the "Company")
Proposed Tender Offer for up to 13,334,000 shares
Aseana Properties Limited (LSE: ASPL), a property developer in
Malaysia and Vietnam listed on the Main Market of the London Stock
Exchange, announces that it proposes, subject to Shareholder
approval at an Extraordinary General Meeting, to return US$
10,000,500 to Shareholders by way of a tender offer for up to
13,334,000 shares at a tender price equivalent to the net asset
value per share of the Company, as at 30 September 2016, of US$
0.75 per share. The Company proposes to hold all repurchased shares
in treasury.
The Company will shortly issue a circular to its Shareholders
containing full details of the Tender Offer and a notice of
Extraordinary General Meeting.
Background to the Tender Offer
At an extraordinary general meeting Aseana held on 22 June 2015,
Shareholders voted in favour of its Board's proposals to amend the
Company's investment policy to enable a realisation of the
Company's assets in a controlled, orderly and timely manner, with
the objective of achieving a balance between periodically returning
cash to Shareholders and maximising the realisation value of the
Company's investments.
As to the methods to be used to return cash to Shareholders, in
the Chairman's letter in the Company's circular to Shareholders of
22 May 2015, he advised Shareholders that the Company would consult
with its advisers as to the most appropriate mechanism for
returning surplus cash equitably to Shareholders, noting that the
Company may consider making tender offers to purchase shares as a
method of making such distributions.
Following the recent disposals and reductions of the Company's
stakes in certain projects and developments, including the Nam Long
Investment Corporation (divestment completed on 2 November 2016)
and Aloft Kuala Lumpur Sentral Hotel (sale completed on 23 June
2016), the Company has consulted with its advisers and consequently
decided to implement the tender offer as a means by which to return
cash to Shareholders.
The Board continues to seek to realise the Company's assets and
will communicate with Shareholders in due course in order to make
further capital distributions based on the availability of surplus
cash.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014 ("MAR").
For further information:
Aseana Properties Limited Tel: +603 6411 6388
Chan Chee Kian Email: cheekian.chan@ireka.com.my
N+1 Singer Tel: 020 7496 3000
James Maxwell / Liz Yong (Corporate
Finance)
Sam Greatrex (Sales)
Tavistock Tel: 020 7920 3150
Jeremy Carey / James Verstringhe Email: jeremy.carey@tavistock.co.uk
Notes to Editors:
London-listed Aseana Properties Limited (LSE: ASPL) is a
property developer investing in Malaysia and Vietnam.
Ireka Development Management Sdn Bhd ("IDM") is the exclusive
Development Manager for Aseana. It is a wholly-owned subsidiary of
Ireka Corporation Berhad, a company listed on the Bursa Malaysia
since 1993, which has over 48 years of experience in construction
and property development. IDM is responsible for the day-to-day
management of Aseana's property portfolio.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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December 08, 2016 05:40 ET (10:40 GMT)