SMRT Corp Ltd: At the Terminus October 18, 2016

  • Scheme of Arrangement has been sanctioned by the Court
  • Last day of trading of SMRT Shares is today
  • Shares to be subsequently delisted

What is the news?

SMRT Corp Ltd (SMRT) announced that the Court has sanctioned the Scheme of Arrangement (Scheme) and the last day of trading of SMRT Shares is 18 October 2016. The Court sanction follows the Scheme Meeting in which minority Shareholders had voted in favour of the Scheme for Temasek to acquire all the remaining issued and paid-up ordinary Shares, through its wholly-owned subsidiary, Belford Investments Pte Ltd for S$1.68 per Share.

Indicative Timetable for the Scheme

SMRT has confirmed that the last day of trading of its Shares will be on 18 October 2016. Scheme Shareholders should note the updated indicative dates for the following events:

Last day of trading of the Shares                                       : 18 October 2016

Date of suspension of the Shares                                     : 19 October 2016

Books Closure Date                                                             : 21 October 2016, 5.00 p.m.

Expected Record Date                                                        : 24 October 2016

Expected Effective Date                                                     : 25 October 2016

Expected date for the payment of the Scheme             : By 1 November 2016

Price

Expected date that the Scheme Shares will be              : 1 November 2016

transferred to the Offeror

Expected date of the delisting of the Shares                  : After payment of the Scheme Price

Ceasing of coverage

With the delisting of SMRT, we are ceasing coverage of the counter.

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About the author

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Richard Leow
Research Analyst
Phillip Securities Research Pte Ltd

Richard covers the Transport Sector and Industrial REITs. He graduated with a Master of Science in Applied Finance from the Singapore Management University. He holds the CFTe and FRM certifications and is a CFA charterholder.

He was ranked #2 Top Stock Picker (Asia) for Real Estate Investment Trusts in the 2018 Thomson Reuters Analyst Awards, and ranked #2 Top Stock Picker (Singapore) for Resources & Infrastructure in the 2016 Thomson Reuters Analyst Awards.

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