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YTL

0.990

-0.02 (-2%)

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

YTL CORPORATION BERHAD

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

PROPOSED CONDITIONAL SHARE EXCHANGE OFFER BY YTL CORP TO ACQUIRE ALL THE REMAINING SECURITIES IN YTL LAND & DEVELOPMENT BERHAD ("YTL LAND") NOT ALREADY OWNED BY THE COMPANY
On behalf of the Board of Directors (“Board”) of YTL Corp, Maybank Investment Bank Berhad (“Maybank IB”) wishes to announce that the Company proposes to undertake a conditional share exchange offer to acquire the following securities in YTL Land to be satisfied through the issuance of new ordinary shares in YTL Corp at an issue price of RM1.14 each (“Consideration Shares”):

(i)    all the remaining ordinary shares (excluding treasury shares) in YTL Land (“YTL Land Shares”) and such number of new YTL Land Shares that may be issued pursuant to the conversion of any outstanding 10-year 3.0% stepping up to 6.0% irredeemable convertible unsecured loan stocks 2011/2021 with a nominal value of RM0.50 issued by YTL Land (“YTL Land ICULS” or “ICULS”) prior to the close of the Proposed Offer (as defined below) which are not already owned by the Company (collectively, “Offer Shares”) at an offer price of RM0.36 for each Offer Share, which translates to an exchange ratio of approximately 0.32 Consideration Share for each Offer Share (“Shares Offer”); and

(ii)    all the outstanding YTL Land ICULS which are not already owned by the Company (“Offer ICULS”) at an offer price of RM0.32 for each Offer ICULS, which translates to an exchange ratio of approximately 0.28 Consideration Share for each Offer ICULS (“ICULS Offer”).

The Shares Offer and ICULS Offer are collectively referred to as “Proposed Offer”.

Accordingly, Maybank IB has, on behalf of YTL Corp, served a notice of conditional share exchange offer (“Notice”) on the Board of YTL Land today to notify them of the Company’s intention to undertake the Proposed Offer, in accordance with Paragraph 9.10(1)(b)(i) of the Rules on Take-overs, Mergers and Compulsory Acquisitions (“Rules”). A copy of the Notice is attached to this announcement.

Please refer to the attached announcement as well as the attached press notice made in accordance with Paragraph 9.10(1)(a) of the Rules for further details of the Proposed Offer.

This announcement is dated 13 June 2019.



Please refer attachment below.



Announcement Info

Company Name YTL CORPORATION BERHAD
Stock Name YTL
Date Announced 13 Jun 2019
Category General Announcement for PLC
Reference Number GA1-13062019-00081