MARKET DEVELOPMENT
FGV’s Cash Offer for Asian Plantations Now Unconditional
FGV’s Cash Offer for Asian Plantations Now Unconditional
14/10/2014 (The Star) - Felda Global Ventures Holdings Bhd’s (FGV) voluntary conditional cash offer for Asian Plantations Ltd has become unconditional after its shareholding increased to 43.91 million shares or 93.9%.
The world’s largest crude palm oil (CPO) producer said on Tuesday that there were also valid acceptances for 3.795 million shares. Such valid acceptances include valid acceptances received from the relevant undertaking shareholders in respect of an aggregate of 2,850,000 options.
“Since FGV has acquired or agreed to acquire a total of 75% of the voting rights attached to the shares in issue, FGV intends to seek the cancellation of admission to trading of the depositary interests on the Alternative Investment Market (of the London Stock Exchange),” it said.
In August, FGV announced its proposed acquisition of APL for a total cash consideration of £120mil or about RM628mil at the price of £2.20 per share.
The offer price represents a 5.4% premium over APL’s weighted average price on the market in the previous session.
APL is a Singapore-incorporated group but in reality, it has a 100% Malaysian profile with its subsidiaries involved in oil palm plantations in Sarawak.
The world’s largest crude palm oil (CPO) producer said on Tuesday that there were also valid acceptances for 3.795 million shares. Such valid acceptances include valid acceptances received from the relevant undertaking shareholders in respect of an aggregate of 2,850,000 options.
“Since FGV has acquired or agreed to acquire a total of 75% of the voting rights attached to the shares in issue, FGV intends to seek the cancellation of admission to trading of the depositary interests on the Alternative Investment Market (of the London Stock Exchange),” it said.
In August, FGV announced its proposed acquisition of APL for a total cash consideration of £120mil or about RM628mil at the price of £2.20 per share.
The offer price represents a 5.4% premium over APL’s weighted average price on the market in the previous session.
APL is a Singapore-incorporated group but in reality, it has a 100% Malaysian profile with its subsidiaries involved in oil palm plantations in Sarawak.