Frasers Property (formerly: Frasers Cpt (FCL))

[Art or Science]

Nope. Offer will lapse. All acceptances received under the offer will not be effective.

VBs, pls correct me if I'm wrong

[old friend]

Nope. Offer will lapse. All acceptances received under the offer will not be effective.

VBs, pls correct me if I'm wrong

you mean they started with zero stake in Australand? Thanks!

[piggo]

To quote

"FCL reminds Australand securityholders that unless FCL Bidder achieves acceptances in respect of
more than 50% of all Australand securities (including under the IAF) by 7.00 p.m. (Sydney time)
today, the Offer will lapse and Australand securityholders will no longer be able to accept the Offer,
all acceptances received under the Offer will be of no effect, and no Offer consideration will be paid."

[desmondxyz]

Nope. Offer will lapse. All acceptances received under the offer will not be effective.

VBs, pls correct me if I'm wrong

you mean they started with zero stake in Australand? Thanks!

Yes. FCL started the bidding war with 0 stake in Australand.

[BlueKelah]

Fcl poker face :-) respect!! May be good thing especially if aussie property does a uturn.

via Xperia Z1 with Android 4.4.4 running tapatalk.

[desmondxyz]

Seems like the market is cheering for FCL now....

[old friend]

Nope. Offer will lapse. All acceptances received under the offer will not be effective.

VBs, pls correct me if I'm wrong

you mean they started with zero stake in Australand? Thanks!

Yes. FCL started the bidding war with 0 stake in Australand.

Thanks! Could be a blessing in disguise if they failed, since Aussie currency is slowly dropping from its high now. They could get Australand cheaper one year later if they still interested if there is any downturn in Australia one year later.

[old friend]

Australia’s jobless rate jumped to a 12-year high in July, surpassing the U.S. level for the first time since 2007 and sending the local currency tumbling.

The unemployment rate rose to 6.4 percent from 6 percent, the statistics bureau said in Sydney today, versus the median estimate for unemployment to hold steady in a Bloomberg News survey of economists. The number of people employed fell by 300

http://www.bloomberg.com/news/2014-08-06...lower.html

[ahyeh]

Singapore-listed Frasers wins backing for US$2.4b Australand takeover

[SYDNEY] Singapore-listed Frasers Centrepoint Ltd will buy Australia's Australand Property Group for A$2.6 billion (US$2.41 billion) after securing shareholder approval late on Thursday.

In a statement to the Australian Securities Exchange, Frasers said Australand investors with 56.8 per cent of its shares supported the offer, just over the 50 per cent backing it needed. - Reuters

http://www.businesstimes.com.sg/breaking...r-20140807

[greengiraffe]

http://infopub.sgx.com/FileOpen/Press_Re...eID=308819

Significant milestone for FCL’s Offer
Mr Lim Ee Seng, Group Chief Executive Officer of FCL said, “We are very pleased with the progress of our takeover Offer for Australand. Acquiring an interest of greater than 50% in Australand represents a significant milestone towards achieving our strategic objective of balancing growth across asset classes and geographies, along with the many other significant benefits that will result from this transaction. Australia is a core market for FCL, and we look forward to exciting times ahead for our Australia business.“
The acquisition of Australand will be a transformational transaction for FCL that is expected to deliver significant benefits, including:
 substantial increase in Group assets and earnings from outside of Singapore
 improving the sustainability of FCL’s earnings through an increase in recurring income
 a quality platform with immediate scale in Australia, a core market
 ownership of an attractive commercial and industrial portfolio with development capabilities
 enhancing FCL’s residential development capabilities in Australia