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Wheelock Properties to delist following buyout

WHEELOCK Properties (Singapore) is going private after crossing the threshold for delisting by a hair’s breadth.

According to a filing with the Singapore Exchange on Tuesday evening, as at the close of voluntary unconditional general offer at 5.30pm on Oct 2, parent firm Wheelock and Company's stake in Wheelock Properties (Singapore) was 90.1 per cent.

Under SGX’s listing rules, the company must ensure that at least 10 per cent of the total number of issued shares is at all times held in public hands. This means that the offerer needs to control at least a 90 per cent stake for the condition to be no longer satisfied, and delisting can be set into motion.

As outlined in the offer document, the offerer does not intend to restore the public float, hence prompting the delisting of the company.

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At the close of the offer, valid acceptances amounted to 136,261,655 offer shares, representing about 11.39 per cent of the total number of issued shares.

Shareholders who have not accepted the offer can require the offeror to acquire their shares at S$2.10 in cash per share under the terms set out in the prescribed form 58 under the Companies Act.

These shareholders must request for the offerer’s buying of their shares within three months of receiving form 58.