Perennial's offer for PCRT 'fair and reasonable', says adviser

Singapore

PERENNIAL Real Estate Holdings' (PREH) general offer for the remaining Perennial China Retail Trust (PCRT) units via a share swap is "fair and reasonable" - in terms of both PCRT's and PREH's respective share values.

This was the recommendation of Deloitte & Touche, the independent financial adviser (IFA), to the independent directors of trust.

Unitholders are being offered S$0.70 for each PCRT unit, to be satisfied by the issuance of 0.52423 new PREH share at about S$1.3353 each.

"Accordingly, we advise the independent directors to recommend that the unitholders accept the offer or sell their units in the open market if (they are) able to sell at a price higher than the offer price (after deducting all related expenses)," …