The Armed Forces Fund Board (LTAT) will issue a notice regarding the unconditional mandatory takeover offer for all remaining shares in Boustead Plantations Bhd (BPlant) that are not yet held by LTAT at a price of RM1.55.
In a statement today (Nov 10), LTAT said the move was implemented after signing an unconditional share sale agreement with Boustead Holdings Bhd (BHB) to take over 739,199,966 BPlant shares representing 33 percent of BPlant’s total issued shares.
“Following the acquisition mentioned above, LTAT holds 976,406,066 shares in BPlant, representing 43.59 percent of the total issued shares of BPlant,” it said.
LTAT said the offer was an important step forward in the overall restructuring and turnaround of the BHB group of companies and in rebalancing its investment portfolio to better position the fund against its return risk profile.
“The offer also gives LTAT more flexibility in setting BPlant’s strategic direction and accelerating value creation plans that meet LTAT’s objectives.
“The fund remains steadfast in improving the quality of its assets to provide sustainable returns to its contributors, in line with the LTAT Strategic Plan 2023-2025,” it said.
In a filing with Bursa Malaysia today, BPlant said it received an unconditional mandatory takeover offer notice from joint lead advisers, UOB Kay Hian Securities (M) Sdn Bhd and Maybank Investment Bank Bhd, to take over all of BPlant’s outstanding ordinary shares not yet held. by LTAT.
“LTAT as the party making the offer does not intend to maintain BPlant’s listing status. Therefore, LTAT will not take any action related to the shortfall in BPlant’s public shareholding spread if BPlant does not meet the Public Spread Requirement after the closing date,” said the notice.
It said the closing date cannot be later than the 60th day from the date of delivery as the offer is not conditional on any minimum level of acceptance.
LTAT has confirmed that it has sufficient financial resources to meet the full acceptance of the offer. Every holder who receives will be paid in full in cash, it said.
