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Perennial-Yanlord's offer for United Engineers' ordinary shares lapses

THE takeover offer for United Engineers Limited (UEL) closed on Tuesday, but the offer for UEL's ordinary shares has lapsed due to insufficient takers.

"As the minimum acceptance condition for the ordinary share as at the offer closing date needs to be more than 50 per cent, the ordinary share offer has not become unconditional and has lapsed," Perennial said in an announcement.

A filing on the Singapore Exchange said that as at 5.30 pm (Singapore time) on Sept 19, Yanlord Perennial Investment (Singapore), Perennial Real Estate Holdings Limited's associated company, has received valid acceptances amounting to about 8.67 million UEL ordinary shares, representing approximately 1.36 per cent of the total number of UEL ordinary shares.

The acquisition is a consortium led by Perennial Real Estate Holdings and Yanlord Land Group.

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"The total number of UEL ordinary shares owned, controlled or agreed to be acquired by the offeror and parties acting in concert with it, and valid acceptances of the ordinary share offer, amount to an aggregate of 221,871,848 UEL ordinary shares, representing approximately 34.8 per cent of the total number of UEL ordinary shares and 36.03 per cent of the total number of UEL ordinary shares (excluding the subsidiary holdings).

"The total number of UEL preference shares owned, controlled or agreed to be acquired by the offeror and parties acting in concert with it, and valid acceptances of the preference share offer, amount to an aggregate of 850,243 UEL preference shares, representing approximately 97.17 per cent of the total number of UEL preference shares," the announcement by UOB said.

Following the announcement, UEL posted on SGX late on Tuesday that several of its independent and non-executive directors are stepping down. Perennial also said that Lee Suan Hiang, an independent director on Perennial's board, has also been appointed as an independent non-executive director on the board of United Engineers.

UEL closed at S$2.72 on Tuesday, down one Singapore cent, or 0.37 per cent.

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