Cuscaden obliged to offer $0.964 chain offer price per SPH REIT unit
This is based on the average daily VWAP of the units within the last 20 trading days.
Cuscaden Peak Pte. Ltd. will have to offer $0.964 in cash for each SPH REIT unit, subject to the finalisation of the arrangement of the proposal to acquire Singapore Press Holdings Limited (SPH).
According to a release, the minimum offer price for the SPH REIT Chain Offer is based on the average daily volume-weighted average traded prices of the units on the Singapore Exchange Securities Trading Limited.
The period covered by this included the lastest 20 trading days, or whatever number of trading days there were within the last 30 calendar days prior to the possible offer announcement date.
To avoid any doubt when the chain offer is made, Cuscaden will not be obliged to offer a Chain Offer Price, which is higher than the stated price. The SPH REIT Chain offer will also not be made unless the acquisition becomes effective.
Cuscaden also reiterated that no concrete offer has been offered by SPH.