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TAKE-OVERS & MERGERS (PARAGRAPH/RULE 9.19 (47A))

YTL LAND & DEVELOPMENT BERHAD

Type Announcement
Subject TAKE-OVERS & MERGERS (PARAGRAPH/RULE 9.19 (47A))
Description
YTL LAND & DEVELOPMENT BERHAD ("YTL LAND" OR "COMPANY")

UNCONDITIONAL SHARE EXCHANGE OFFER ("OFFER") FROM MAYBANK INVESTMENT BANK BERHAD ON BEHALF OF YTL CORPORATION BERHAD ("OFFEROR")

(Unless otherwise stated, all abbreviations used in this announcement shall have the same meanings as defined in the Company’s announcement dated 13 June 2019 in relation to the Offer)

 

We refer to the Company’s announcements dated 13 June 2019, 14 June 2019, 24 June 2019, 4 July 2019, 11 July 2019, 27 August 2019, 29 August 2019, 17 September 2019, 19 September 2019 and 3 October 2019 in relation to the Offer.

 

The Company has received the attached press notice from Maybank IB, on behalf of the Offeror, announcing that as at 5:00 p.m. (Malaysian time) on 7 October 2019 (“Final Closing Date”), YTL Corp has received Valid Acceptances resulting in YTL Corp holding 749,946,775 YTL Land Shares and 902,906,290 YTL Land ICULS, representing approximately 90.45% of the total YTL Land Shares in issue (excluding treasury shares) and 91.04% of the total outstanding YTL Land ICULS, respectively.

 

In accordance with Paragraph 16.02(3) of the Listing Requirements, Bursa Securities will suspend the trading of the securities of YTL Land commencing 14 October 2019, being the expiry of 5 Market Days from the Final Closing Date. As set out in Section 4.1 of the Offer Document, YTL Corp does not intend to maintain the listing status of YTL Land on the Main Market of Bursa Securities and, accordingly, YTL Corp will procure YTL Land to take the requisite steps to withdraw its listing status from the Official List of Bursa Securities in accordance with Paragraph 16.07 of the Listing Requirements.

 

Upon the delisting of YTL Land from the Official List of Bursa Securities, the YTL Land Shares and YTL Land ICULS will no longer be traded on the Main Market of Bursa Securities. The Holders who have not accepted the Offer will hold unlisted YTL Land Shares and/or YTL Land ICULS and, therefore, will not be able to trade them on Bursa Securities.

 

In addition, as YTL Corp has received Valid Acceptances from the shareholders of YTL Land resulting in the Offeror and persons acting in concert with it holding not less than nine-tenths in the value of all the YTL Land Shares, YTL Corp will issue a notice in the form or manner specified by the SC under Subsection 223(2) of the CMSA (“Notice”), informing the shareholders of YTL Land who have not accepted the Offer (“Dissenting Shareholders”) that they may exercise their rights under Section 223 of the CMSA by serving a notice on the Offeror to require the Offeror to acquire their YTL Land Shares on the same terms as set out in the Offer Document or such other terms as may be agreed between the Offeror and the Dissenting Shareholders or as the High Court, on application made to it by any Dissenting Shareholder or by the Offeror, thinks fit to order under Subsection 224(3) of the CMSA. The Notice will be sent to the Dissenting Shareholders within 1 month from 7 October 2019, being the date of receipt of the Valid Acceptances by YTL Corp resulting in YTL Corp and persons acting in concert with it holding not less than nine-tenths in the value of all the YTL Land Shares.

 

Please refer to the attached press notice for further details.

 

This announcement is dated 7 October 2019.




Please refer attachment below.



Announcement Info

Company Name YTL LAND & DEVELOPMENT BERHAD
Stock Name YTLLAND
Date Announced 07 Oct 2019
Category General Announcement for PLC
Reference Number GA1-07102019-00075