CapitaMalls Asia

[lonewolf]

Capland need another 397,590,701 shares to hit the 90% level for delisting. Frankly it looks to be a foregone conclusion to me. Dun see how they will miss the mark given the increased speed of open market purchase.

[investor2014]

the Offeror and its Concert Parties owned, controlled or have agreed to acquire an
aggregate of 3,166,910,285 Shares8
, representing approximately 81.3% of the issued
share capital of CMA.

[investor2014]

Singapore, 21 May 2014 – CapitaLand Limited is pleased to announce that its stake in
CapitaMalls Asia Limited (CMA) is now approximately 81.3% after taking into account the
open market purchases and acceptances of the Offer1
up to 5pm on 20 May 2014.

On 16 May 2014, CapitaLand increased its Offer Price for CMA shares to S$2.35 per
Share2
(Final Offer Price) and declared the Offer unconditional. CMA shareholders who
have accepted the Offer prior to 16 May 2014 will be automatically entitled to receive the
Final Offer Price3
.

Between the announcement of Offer on 14 April 2014 and up to 5 pm on 20 May 2014,
CapitaLand and its concert parties have acquired or agreed to acquire (including
acceptances of the Offer1
) an aggregate of 3,166,910,285 Shares, representing
approximately 81.3% of the issued share capital of CMA.

Mr Lim Ming Yan, President & Group CEO, CapitaLand Limited, said: “We are pleased
with the positive reaction to the Final Offer Price and look forward to a successful win-win
outcome for all CMA and CapitaLand shareholders.”

He added: “CapitaLand is committed to delisting CMA and we are confident that we will
achieve this objective. The proposed delisting and full integration of CMA is in line with our
‘One CapitaLand’ strategy to enhance our long term competitiveness. The Group will be
well-positioned to deepen and strengthen our ability to undertake and optimise integrated
developments with the simplified structure.”

As the Offer is now unconditional, CMA shareholders whose valid acceptances have been
received on or before 16 May 2014 will be paid on 26 May 2014. CMA shareholders
whose valid acceptances are received after 16 May 2014 will be paid within 10 days from
the date of receipt of their valid acceptances.

The Offer will close on 9 June 2014, unless otherwise extended

[greengiraffe]

CapitaLand stake in CMA crosses 80% mark

Property player moves closer to taking shopping mall firm private
Published on May 22, 2014 1:22 AM


Shopping malls in the CapitaMalls Asia portfolio include Ion Orchard (above) and Raffles City. CapitaLand’s initial offer of $2.22 a share came under fire for its small premium of 1.2 times CMA’s book value. -- PHOTO: ION ORCHARD

By Cheryl Ong

CAPITALAND has taken a big step towards its aim of delisting CapitaMalls Asia (CMA), after crossing the 80 per cent level in the shopping mall firm since it raised its bid last week.

It has amassed an 81.3 per cent stake in CMA, or about 3.17 billion shares, as of Tuesday, the developer said yesterday.

This was after accounting for the open market purchases it had made and acceptances of its offer that amount to about 150.4 million shares.

The announcement follows CapitaLand's move on Friday to raise its buyout offer from $2.22 apiece to a final price of $2.35 apiece to take CMA private.

It said then that its offer was unconditional - in other words, no longer dependent on securing acceptances that would lift its holding above 90 per cent.

At that time, CapitaLand said its stake in CMA was 73.9 per cent.

"CapitaLand is committed to delisting CMA and we are confident that we will achieve this objective," said Mr Lim Ming Yan, president and group chief executive of CapitaLand.

Mr Lim, also a CMA director, disposed of 99,774 CMA shares at $2.35 apiece on May 16, a regulatory filing with the Singapore Exchange on Tuesday showed.

Before raising its offer, CapitaLand had also bumped up its stake in CMA from 65.3 per cent to 70.4 per cent through acquisitions on the open market.

However, it still has to secure an 8.7 per cent stake to obtain the 90 per cent acceptances needed to delist CMA.

Bloomberg filings showed that about 4.7 million CMA shares were traded yesterday - well down from the 48.8 million shares that changed hands on Tuesday, ahead of yesterday's announcement.

Outstanding buy orders for CMA were for about 546.2 million shares, outweighing the outstanding sell orders for about 25.3 million shares at the close of yesterday's trading session.

CapitaLand's initial offer of $2.22 a share came under fire for its small premium of 1.2 times CMA's book value, given that investors had paid 1.55 times the book value at $2.12 a share when the shopping mall firm listed four years ago.

CapitaLand said it took into account several "considerations" from a report by independent financial adviser Deutsche Bank in its revised offer.

Deutsche Bank said in its report to CMA's independent directors that the $2.22 offer was "fair and reasonable", but noted that it was at a discount of 2.5 to 5.4 per cent to CMA's adjusted net asset value of $2.28 to $2.35.

Investors have till June 9 to accept CapitaLand's offer, but those who have tendered their shares at $2.22 will automatically receive payment at the higher price.

CMA shares closed unchanged at $2.35 yesterday, while CapitaLand's shares closed two cents up at $3.14.

ocheryl@sph.com.sg

[investor2014]

the Offeror and its Concert Parties owned, controlled or have agreed to acquire an
aggregate of 3,196,635,102 Shares8
, representing approximately 82.0% of the issued
share capital of CMA

[lonewolf]

The acceptance level has been around 20 millions shares per disclosure day. So far a total of 179,250,954 has been tendered to the offeror. Assuming that CapLand is able to purchase around 20 millions shares a day from the open market, they will need roughly another 7 trading days to reach the required 90% level for delisting.

They need another 311,290,670 shares more for delisting to proceed.

[investor2014]

The acceptance level has been around 20 millions shares per disclosure day. So far a total of 179,250,954 has been tendered to the offeror. Assuming that CapLand is able to purchase around 20 millions shares a day from the open market, they will need roughly another 7 trading days to reach the required 90% level for delisting.

They need another 311,290,670 shares more for delisting to proceed.

looks like its moving along quite fast

[ghchua]

Hi lonewolf,

Looks like game over for me. I guess its time for me to throw in the towel too. So long, CMA!

[lonewolf]

Hi lonewolf,

Looks like game over for me. I guess its time for me to throw in the towel too. So long, CMA!

I will hold on to the very end! As with all delisting exercise, I usually send in the forms only when it reached the >90% level.

But in this case, I may for the fun of it, hold on to some shares. IIRC you have some shares in unlisted companies too right?

[Temperament]

Hi lonewolf,

Looks like game over for me. I guess its time for me to throw in the towel too. So long, CMA!

I will hold on to the very end! As with all delisting exercise, I usually send in the forms only when it reached the >90% level.

But in this case, I may for the fun of it, hold on to some shares. IIRC you have some shares in unlisted companies too right?

When you have some shares in unlisted companies, what happens then? Like will you still share in the company's earnings year to year by means of dividend payments, etc...?