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OUE C-Reit unitholders approve merger; OUE H-Trust to hold EGM at 3pm on Wednesday

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UNITHOLDERS of OUE Commercial Reit (C-Reit) on Wednesday approved the trust’s proposed merger with OUE Hospitality Trust (H-Trust), while stapled securityholders of H-Trust are set to vote on the deal later in the afternoon. Read more at The Business Times.

In the morning before the market opened, C-Reit, H-Trust and their parent company OUE Limited all called for immediate trading halts, pending the release of announcements on both EGMs’ results.by paying the latter’s holders, for every H-Trust stapled security held, 4.075 Singapore cents in cash plus 1.3583 new OUE C-Reit units.

Deloitte & Touche, the IFA for C-Reit, said the merger is based on normal commercial terms and will not be prejudicial to the interests of C-Reit and its minority unitholders. Directors of H-Trust thus recommended stapled securityholders vote in favour of the trust deeds amendment resolutions at the upcoming EGM, and the trust scheme resolution at the trust scheme meeting.OUE Limited and its related corporations will continue to hold a 48.4 per cent stake in the enlarged Reit. This is inclusive of the interests held by OUE Limited, OUE Realty and Golden Concord Asia Limited.

 

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