Perennial Real Estate decides not to reduce offer price for PCRT

PERENNIAL Real Estate Holdings Limited (PREHL) plans to stick to its offer price to acquire the remaining units in Perennial China Retail Trust (PCRT) in respect of the latter's distribution for the third quarter of fiscal year 2014.

PREHL had earlier reserved its right to reduce the offer price for PCRT payable to any accepting unitholder of any PCRT units by the amount of dividend, right, other distribution or return of capital. On Wednesday, its joint financial advisers said the firm has elected not to exercise its right to reduce the offer price in respect of the third-quarter FY2014 distribution.

Unitholders who choose to accept the offer will still receive 0.52423 PREHL shares for each PCRT offer unit, the firm said in an announcement to the Singapore Exchange. PREHL is making a voluntary conditional offer to acquire the remaining units in PCRT in exchange for PREHL shares. Unitholders are offered 70 Singapore cents for each PCRT unit, to be paid for by the issuance of 0.52423 PREHL shares at some S$1.3353 each.

Unitholders who elect to accept the offer on or prior to Nov 12 will still be entitled to receive the latest quarterly distribution so long as they are on the register of PCRT as at the books closure date.