Court approves OUE C-Reit, H-Trust merger; updated timetable released

Fiona Lam
Published Tue, Aug 27, 2019 · 12:24 AM
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THE court has sanctioned the proposed merger of OUE Commercial Real Estate Investment Trust (C-Reit) and OUE Hospitality Trust (H-Trust), which will take place via a trust scheme of arrangement.

The trust managers have also provided an updated indicative timetable for the merger with the dates brought forward, in separate bourse filings on Monday evening after market close.

Under the updated timetable, the books closure date for both C-Reit and H-Trust will be at 5pm on Sept 3, while the trust scheme is expected to be effective Sept 4.

The last day of trading of H-Trust stapled securities on the Singapore Exchange (SGX) will be Aug 30, with trading to be suspended from 9am on Sept 2. Previously, the initial timeline had indicated that the last day of trading would be Sept 12.

For C-Reit units, the last day of trading on a cum-distribution basis will be Aug 30, while the first day of trading on an ex-distribution basis will be Sept 2, according to the updated timetable.

H-Trust stapled securities are expected to be delisted on Sept 17.

Under the proposed scheme, C-Reit will acquire H-Trust by paying the latter's holders, for every H-Trust stapled security, 4.075 Singapore cents in cash plus 1.3583 new C-Reit units.

Holders of both trusts had approved the merger at separate meetings on Aug 14.

On Monday before the announcements were filed, OUE C-Reit units closed down one Singapore cent or 1.91 per cents at 51.5 cents, while OUE H-Trust stapled securities ended down 0.5 Singapore cent or 0.69 per cent at 72.5 cents.

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