Business
Proposed Tender Offer for up to 13,334,000 shares
Proposed Tender Offer for up to 13,334,000 shares.
About this update from Aseana Properties Limited
[{"type":"text","content":"\n \nRNS Number : 3273R Aseana Properties Limited 08 December 2016 \n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, INTO ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION\n \n \n8 December 2016\nAseana Properties Limited\n(\"Aseana\" or the \"Company\")\n \n \nProposed Tender Offer for up to 13,334,000 shares\n \n \nAseana Properties Limited (LSE: ASPL), a property developer in Malaysia and Vietnam listed on the Main Market of the London Stock Exchange, announces that it proposes, subject to Shareholder approval at an Extraordinary General Meeting, to return US$ 10,000,500 to Shareholders by way of a tender offer for up to 13,334,000 shares at a tender price equivalent to the net asset value per share of the Company, as at 30 September 2016, of US$ 0.75 per share. The Company proposes to hold all repurchased shares in treasury.\nThe Company will shortly issue a circular to its Shareholders containing full details of the Tender Offer and a notice of Extraordinary General Meeting.\nBackground to the Tender Offer\nAt an extraordinary general meeting Aseana held on 22 June 2015, Shareholders voted in favour of its Board's proposals to amend the Company's investment policy to enable a realisation of the Company's assets in a controlled, orderly and timely manner, with the objective of achieving a balance between periodically returning cash to Shareholders and maximising the realisation value of the Company's investments.\nAs to the methods to be used to return cash to Shareholders, in the Chairman's letter in the Company's circular to Shareholders of 22 May 2015, he advised Shareholders that the Company would consult with its advisers as to the most appropriate mechanism for returning surplus cash equitably to Shareholders, noting that the Company may consider making tender offers to purchase shares as a method of making such distributions.\nFollowing the recent disposals and reductions of the Company's stakes in certain projects and developments, including the Nam Long Investment Corporation (divestment completed on 2 November 2016) and Aloft Kuala Lumpur Sentral Hotel (sale completed on 23 June 2016), the Company has consulted with its advisers and consequently decided to implement the tender offer as a means by which to r...