Yahoo Finance OUE makes off-market equal access offer at $1.25 per share
On May 30, OUE will make an off-market equal access offer for shareholders to sell 10% of their shares at $1.25 each.
OUE is making an off-market equal access offer for shareholders to sell 10% of their shares at $1.25 each, which is a premium of around 19% over the last traded price of $1.05.
In addition to this, shareholders may tender shares in excess of the offer if others do not accept their full entitlement.
Under this offer, OUE Lj3 will buy back up to 84,038,036 shares, or 10% of the total share base as at April 26.
If the total number of shares tendered exceeds OUE’s maximum buyback amount, the number of shares accepted will be scaled down on a pro-rata basis.
In scaling down the number of excess shares tendered by shareholders, OUE will also round down odd lots to the closest 100 shares.
The offer will be open for acceptance till May 30.
Shareholders who tender their shares will still receive OUE’s FY2023 dividends, which will be paid on May 24 provided that they own the shares as at May 9
“In addition to rewarding shareholders, this offer allows us to enhance shareholder value in the long term as it is accretive to the company’s earnings per share and net asset value per share," says deputy CEO Brian Riady.
OUE closed at $1.05, 0.94% down.
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