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Cuscaden Peak makes cash offer of 93.72 cents for SPH REIT units after adjusting for distributions

Felicia Tan
Felicia Tan • 2 min read
Cuscaden Peak makes cash offer of 93.72 cents for SPH REIT units after adjusting for distributions
Paragon Shopping Mall, which is part of the REIT's portfolio
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Cuscaden Peak has made a cash offer of 93.72 cents for each SPH REIT on April 28.

The offer price has been adjusted for the distributions of 1.24 and 1.44 cents per unit in the 1QFY2022 and 2QFY2022 respectively, from the minimum chain offer price of 96.4 cents.

The cash offer is 3.88% lower than SPH REIT’s last-closed unit price of 97.5 cents on the same day.

It is also 2.8% lower than the volume weighted average price (VWAP) over the last month.

The offer is conditional upon Cuscaden holding over 50% of the units in the REIT. The offer will not be declared unconditional till its close.

While Cuscaden doesn’t presently intend to delist the REIT, it says it will not undertake or support any action to lift the trading suspension by the SGX-ST should the free float requirement not be satisfied at the close of the chain offer, where trading of the REIT’s units will be suspended under the listing rules.

See also: Chain offer price for SPH REIT

Should Cuscaden receive valid acceptances from unitholders holding 90% of the units in the REIT, it has indicated its intention to exercise its right to acquire the rest of the offer units and delist the REIT from the SGX-ST.

Units in SPH REIT closed flat at 97.5 cents on April 28.

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