GLP Shareholders Approve Privatization

GLP has announced that its shareholders have approved the proposed acquisition of all the issued and paid-up ordinary shares in the capital of GLP (excluding treasury Shares), by Nesta Investment Holdings Limited (the “Offeror”), via a scheme of arrangement (“Scheme”), at the Scheme Meeting held on the 30th of November.

The Scheme has exceeded the requisite shareholder approval thresholds:

  • Of the total number of shareholders present and voting in person or by proxy at the Scheme Meeting, 96.02% voted FOR the Scheme (needed to meet more than 50%)
  • Of the total number of Shares voted by shareholders present and voting in person or by proxy at the Scheme Meeting, 99.96% voted FOR the Scheme (needed to meet at least 75%)

Seek Ngee Huat, Chairman of GLP’s Board, Chairman of the Special Committee, and Independent Director, said: “The result from today’s Scheme Meeting brings us one step closer to the privatization of GLP. A key objective of the independent Strategic Review was to maximize value for all shareholders, and we are pleased that the proposal received overwhelming support from shareholders. Today’s Scheme Meeting marks a significant milestone and we would like to thank all GLP shareholders for their support since the IPO seven years ago.”

GIC, as the single largest shareholder of GLP with a 36.84% stake, voted in favour of the Scheme. The Offeror and its concert parties did not participate in the voting process. The Scheme will be presented to the High Court of the Republic of Singapore for sanction. If the Scheme is sanctioned by the Court, it is expected to become effective and binding in accordance with its terms on 10 January 2018. Shareholders can expect to receive S$3.38 in cash per share (“Scheme Consideration”) by 19 January 2018. GLP will make further announcements on the actual dates in due course.

  • Expected Court hearing date for application to sanction the Scheme: 12 December 2017
  • Expected last day for trading of the Shares: 4 January 2018
  • Expected Books Closure Date: 9 January 2018 at 5.00 p.m.
  • Expected Scheme Effective Date: 10 January 2018
  • Expected date for the payment of the Scheme Consideration: By 19 January 2018
  • GLP is expected to be delisted shortly thereafter.

Source: GLP