SMRT privatisation offer fair and reasonable: IFA, IDs

Minority sharesholders urged to vote in support of scheme of arrangement on Sept 29

Published Tue, Sep 6, 2016 · 09:50 PM

THE independent directors (IDs) of SMRT Corporation have unanimously recommended that minority shareholders vote in favour of Temasek Holdings' offer to take SMRT Corporation private through a scheme of arrangement.

They concur with independent financial adviser (IFA) Rothschild (Singapore)'s opinion that the offer - made through the Singapore investment company's wholly owned subsidiary Belford Investmens - is fair and reasonable from a financial standpoint.

Minority shareholders can choose to sell their shares in the open market if they are able to obtain a price higher than the scheme price of S$1.68 a share, after taking into consideration related transaction expenses.

In a scheme document that SMRT submitted to Singapore Exchange (SGX) on Tuesday, the IFA concluded that the scheme price represented a premium over …