Court hearing for FLT-FCOT merger expected on Friday

THE court hearing for the proposed merger of Frasers Logistics & Industrial Trust (FLT) and Frasers Commercial Trust (FCOT) is expected to take place on Friday.

Going by statements released by both FLT and FCOT, FCOT is expected to delist on April 29, and the expected book closure date is April 14.

The expected effective date is on April 15, effective upon the lodgement of the trust scheme court order with the Monetary Authority of Singapore (MAS) or the notification to the MAS of the grant of the trust scheme court order.

First proposed last December, the merger would be by way of a trust scheme of arrangement and would cost S$1.58 billion.

Under the proposed scheme, FLT will pay the scheme consideration via a combination of cash and the issuance of new FLT units to FCOT unitholders.

For each FCOT unit they hold, FCOT unitholders will receive S$0.15 in cash and 1.2 new FLT units at an issue price of S$1.24.

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FLT units closed down S$0.005 or 0.58 per cent to S$0.87; units of FCOT closed down S$0.01 or 0.85 per cent to S$1.17 on Monday. (see amendment note)

Amendment note: An earlier version of this article incorrectly stated that FCOT units closed at S$1.20 on Monday. The article has been amended to reflect this change.