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Saizen Reit's manager stresses proposed RTO not done deal

THE board of directors of Japan Residential Assets Manager Limited, manager of Saizen Reit (real estate investment trust), on Monday told unitholders that there is no certainty that a circular containing information of its proposed reverse takeover (RTO) would be issued.

In October 2016, the Reit had gone into an implementation agreement for the proposed acquisition of industrial properties in Australia, as well as a RTO of the Reit by Sime Darby Property Singapore Limited.

On Monday, Saizen said in a filing that since the receipt of approval-in-principle, Sime Darby Property Singapore "has been working on certain aspects of the proposed RTO transaction".

It said that unitholders should also note that there is no certainty that the RTO extraordinary general meeting (EGM) will be convened or that the proposed RTO transaction can be completed.

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"If the RTO EGM is not convened (in time or at all) such that the proposed RTO transaction cannot be completed by the long-stop date of the implementation agreement of March 31, 2017, the implementation agreement will be terminated in accordance with its terms," the Reit said.