Accordia Golf Trust's parent weighs purchase of all its golf courses

LAST month's non-binding proposal to buy over all of Accordia Golf Trust's golf courses was from parent company Accordia Golf Co, the manager disclosed on Friday.

The manager revealed that the non-binding proposal, which was first announced on Nov 28, would see interested party Accordia Golf Co pay 63.2 billion yen (S$783.1 million) for Accordia Golf Trust's interests in all its golf courses and the debt of the holding company.

But the manager added that it "is not aware of any scheme" that would involve Accordia Golf Co making a takeover bid for all units with the aim of delisting the trust.

Accordia Golf Co is a controlling unit holder with a 28.9 per cent stake in the trust, as well as a controlling shareholder of the manager, where it owns a 49 per cent interest.

Still, the manager said that it "has not formally commenced discussions on the terms of the divestment", with no agreement yet reached on the price, timeline or any other terms.

There is no guarantee that the non-binding proposal, or any talks that result, will lead to any transaction, the board stressed in its latest bourse filing.

Daiwa Capital Markets Singapore and Ernst & Young Corporate Finance have been named the trust's joint financial advisers as the manager mulls over the proposal.

Accordia Golf Trust, which halted trading on Wednesday morning, last closed at S$0.675.