US activist hedge fund emerges as GLP's new substantial shareholder

ELLIOTT Asset Management LLC has emerged as a new substantial shareholder of Global Logistic Properties (GLP), a regulatory filing on Wednesday showed.

The American activist hedge fund founded by Paul Elliott Singer shored up its stake in GLP to 5.1 per cent from 4.98 per cent when it acquired 5.8 million shares on May 15 in the open market.

In GLP's last update on its strategic review dated April 27, it said that the special committee remained in discussions with several parties that it has shortlisted, following its evaluation of non-binding proposals, and that the due diligence process is ongoing.

The special committee comprises four independent directors and is headed by group chairman Seek Ngee Huat to evaluate the proposals, with the help of its financial adviser JPMorgan (SEA) and legal adviser Allen & Gledhill.

GLP had said the independent strategic review might involve a possible acquisition of all or some of its shares, which may or may not lead to an offer being made for the company.