SPH Reit appoints PrimePartners Corporate Finance as adviser for possible Cuscaden Peak chain offer

THE manager of SPH Reit has appointed PrimePartners Corporate Finance as its independent financial adviser (IFA) for a possible chain offer by consortium Cuscaden Peak, it said in an exchange filing on Friday (Feb 4).

As part of its engagement, the IFA will report on the distributions that may be made by the real estate investment trust (Reit) to unitholders during the offer period, said the manager.

If and when the SPH Reit chain offer is made, a circular containing the advice of the IFA and the recommendations of the independent directors will be sent to unitholders within 14 days, the manager said.

Cuscaden Peak had made a surprise bid to privatise SPH late last year, following an offer from Keppel Corp, with a scheme that may result in a chain offer for all remaining SPH Reit units. If this happens, the minimum chain offer price the consortium has to offer for each unit will be S$0.964, fully in cash.

The manager had said in early January that SPH Reit will issue the notice of books closure date and distribution payment date for the first quarter ended Nov 30, 2021 after the IFA and auditor of SPH Reit have completed their respective reports on its distribution.

In the meantime, the manager has advised unitholders to exercise caution when dealing in SPH Reit units and refrain from taking any action that may be prejudicial to their interests.

SPH Reit units fell S$0.005 or 0.52 per cent lower to close at S$0.96 on Friday.