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FSL Trust's sponsor appoints Stirling Coleman Capital as IFA for cash offer

FSL Holdings, FSL Trust's sponsor, has appointed Stirling Coleman Capital Limited as the independent financial adviser (IFA) for its S$0.0585 per unit cash offer for all FSL Trust units.

CEL Impetus Corporate Finance Pte Ltd, on behalf of FSL Holdings, had first announced the cash offering on June 7.

FSL Holdings is making the mandatory offer as, together with its concert party - FSL Trust Management, they hold 877.2 million units representing about 55.04 per cent of issued units as at June 7.

The IFA will advise the directors of the trustee-manager, FSL Trust Management, who are considered independent for the purposes of the offer and a related convertible bond offer.

The S$0.0585 per unit cash offer represents a 33 per cent premium to the last transacted price of S$0.044 on June 6, the last market day prior to the offer announcement.

FSL Trust's units closed unchanged at S$0.058 on Friday.

FSL Holdings does not plan to make changes to FSL Trust’s existing business, redeploy its fixed assets or retrench employees, except in the ordinary course of business.

The offeror does not intend to delist the owner of containerships and tankers from Singapore Exchange's mainboard, but reserves the right to assess its options if FSL Trust’s free float falls below the minimum requirement.