SINGAPORE (June 23): ARA Asset Management is offering to acquire 29% of all Cromwell Property Group’s stapled securities that it does not already hold for A$0.90 per stapled security reduced by any dividends or distributions declared, determined or paid after June 23, 2020. ARA and its partners own 24% and Gordon Tang owns 16% of Cromwell Property Group. The offer represents a 9.8% premium to Cromwell’s 30-day volume weighted average price (VWAP) of A$0.82 per stapled security. “We believe this Offer represents an opportunity for securityholders to realise cash at a premium for a portion of their Cromwell securities amidst the heightened market volatility and uncertainty from COVID-19 and other factors,” ARA says in a statement.

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