Forterra Trust (formerly: Treasury China Trust)

[orangetea]

So 2.25 is the "final final" price if para 3.3 applies??

===============

2. ACQUISITION OF UNITS

On 24 November 2014, the Offeror acquired an additional 53,889,162 Units by way of a number of married trades on the SGX-ST at S$2.25 per Unit ("Market Purchase
"). As a result of the Market Purchase, the total number of Units owned by the Offeror comprises 51.76 per cent. of the total number of issued Units and 51.26 per cent. of the maximum potential total units in Forterra.

3. REVISION OF OFFER PRICE AND FINAL OFFER PRICE

3.1 As the Market Purchase was conducted above the Offer Price of S$1.85 per Offer Unit, Credit Suisse announces, for and on behalf of the Offeror, that the Offer Price, in accordance with Rule 14.3 of the Code, is revised upwards as follows:
For each Offer Unit: S$2.25 in cash (“Final Offer Price”) The Final Offer Price shall be available to all holders of Offer Units, including those who have tendered Offer Units in acceptance of the Offer.

3.2 If any Distribution is declared, paid or made by Forterra on or after the date of this Announcement and the Offeror is not entitled to receive and retain such Distribution in full in respect of any Offer Unit tendered in acceptance of the Offer, the Offeror reserves the right to reduce the Final Offer Price payable in respect of such Offer Unit by the amount of such Distribution.

3.3 The Offeror will not further revise the Final Offer Price. Therefore in accordance with Rule 20.2 of the Code, the Offeror will not be allowed to subsequently increase the Final Offer Price in any way.

3.4 For the avoidance of doubt, save as revised herein, the terms of the Offer set out in the Offer Document remain unchanged.

3.5 A written notification will be posted to all Unitholders in respect of this revision of the Offer Price.

[Boon]

must have bought from the funds..

From the size of the deal, it looks like they have bought it from Credit Suisse Group who is not the direct owner of the shares but has right of use over the shares.

It doesn't look like PAG or APG were selling.

(vested)

[opmi]

Ya. Final price. Never reserve the right to revise if there is a competitive bid.

Buyers at 2.26 never read annc. Or long term investors.


Sent from my iPhone using Tapatalki

[orangetea]

Ya. Final price. Never reserve the right to revise if there is a competitive bid.

Buyers at 2.26 never read annc. Or long term investors.


Sent from my iPhone using Tapatalki

Thanks!

[Vseeker]

must have bought from the funds..

From the size of the deal, it looks like they have bought it from Credit Suisse Group who is not the direct owner of the shares but has right of use over the shares.

It doesn't look like PAG or APG were selling.

(vested)

Boon , I believe its from PAG Holdings coz...

1) 35,029,245 x $2.25 at 09.00.30 am
2) 11,759,917 x $2.25 at 09.00.50 am
and later another block done
3) 6,100,000 x $2.25 at 09.03.41 am

==> I think the first two block belong to PAG group coz they adds up to 46.789162m shrs
which is VERY CLOSE to PAG Holdings's Deem stake of 46.170162m shrs (as stated in AR2013)

[Vseeker]

from AR2013: as at 10-March-2014 (ref Pg. 147)

4. PAG Holdings Limited4 – – Deem Interest in 46,170,162 (18.19%)

4. (a) PAG Holdings Limited (“PAGHL”) has a direct controlling interest in Pacific Alliance Group
Limited (“PAGL”), which in turn has an indirect controlling interest in Pacific Alliance Asia
Opportunity Fund L.P. (the “Fund”) and thus each of PAGHL and PAGL has a deemed
interest in the 34,410,245 units of Forterra Trust held by the Fund. PAGL has a direct
controlling interest in Pacific Alliance Real Estate Limited (“PARE”), the fund manager
which is entitled to exercise control over the investment decisions of Pacific Alliance China
Land Limited (“PACL”), and therefore, each of PAGHL and PAGL, has a deemed interest in
Forterra Trust’s 11,759,917 units held by PACL.

[sQQs]

Thank you all for the update.
I will divert @ $2.25

[opmi]

Thank you all for the update.
I will divert @ $2.25

since it is unconditional offer now, can get money back faster than conditional offer. if accept offer.

No need to pay brokers comm...unless you need to feed your brokers...

[Boon]

from AR2013: as at 10-March-2014 (ref Pg. 147)

4. PAG Holdings Limited4 – – Deem Interest in 46,170,162 (18.19%)

4. (a) PAG Holdings Limited (“PAGHL”) has a direct controlling interest in Pacific Alliance Group
Limited (“PAGL”), which in turn has an indirect controlling interest in Pacific Alliance Asia
Opportunity Fund L.P. (the “Fund”) and thus each of PAGHL and PAGL has a deemed
interest in the 34,410,245 units of Forterra Trust held by the Fund. PAGL has a direct
controlling interest in Pacific Alliance Real Estate Limited (“PARE”), the fund manager
which is entitled to exercise control over the investment decisions of Pacific Alliance China
Land Limited (“PACL”), and therefore, each of PAGHL and PAGL, has a deemed interest in
Forterra Trust’s 11,759,917 units held by PACL.

Thanks Vseeker. I guess you are right - the 11,759,917 units is exactly the same - can't be a coincidence.

(vested)

[sQQs]

Hi opmi, noted with thanks.