Ok it would be irresponsible if i used the word defintely.

What i meant was that i feel that it's a good thing, sorry typed too fast earlier without thinking.

Sorry i mean Kepland, typo error.

Btw it seems that they fully acquired Evergro, purpose is for China projects purposes......

How will it affect kepland shares prices?good or bad?

any advice?

Keppel Land Limited (“Keppel Land”) and Evergro Properties Limited (“Evergro”) today jointly announced (“Joint Announcement”) the proposed voluntary delisting (“Delisting Proposal”) of Evergro from the Singapore Exchange Securities Trading Limited (“SGX-ST”).

On the proposed delisting, Mr Kevin Wong, Group Chief Executive Officer of Keppel Land, said, “By combining the operational expertise, industry knowledge and extensive networks of both companies, Keppel Land will be in an even stronger position to capture opportunities and growth in China.

“It provides us with a stronger platform to maximise the potential of our existing portfolio and collective strengths as we continue to grow Keppel Land as the choice developer of homes in China.”

Under the Delisting Proposal, Keppel Land will make an exit offer (“Exit Offer”) for all the issued ordinary shares in the share capital of Evergro ("Shares") other than such number of Shares already owned, controlled or agreed to be acquired by Keppel Land as at the date of the Exit Offer ("Offer Shares") whereby Evergro shareholders will receive either:

a. 1,000 new ordinary shares in Keppel Land for every 7,000 Offer Shares tendered in acceptance of the Exit Offer; or
b. S$290 in cash for every 1,000 Offer Shares tendered in acceptance of the Exit Offer.

The Exit Offer consideration of new ordinary shares in Keppel Land or cash represents a premium of approximately 21.1% or 16.0% respectively to Evergro’s last transacted price on 10 July 2009 of S$0.25 per share.

Mr Wong added, “This is an opportunity for Evergro shareholders to unlock the value of their Shares at a premium to market. Evergro shareholders who wish to participate in the future growth of Keppel Land can opt to receive new Keppel Land shares in exchange for their Shares.”

For Keppel Land, which has a direct interest of approximately 85.38% in Evergro, this proposed delisting will involve a total cash consideration of up to S$54 million (if all accepting Evergro shareholders elect to receive cash as consideration for their Offer Shares) to be financed from internal resources.

Merrill Lynch (Singapore) Pte. Ltd. has been appointed as financial adviser to Keppel Land. The Board of Evergro will appoint an Independent Financial Adviser (“IFA”) to advise the directors who are considered to be independent for the purposes of the Delisting Proposal and the Exit Offer, on the Exit Offer.

Full details of the Delisting Proposal will be sent in a circular to shareholders of Evergro in due course. The circular will include, inter alia, further information relating to the Delisting Proposal, and the terms and conditions of the Exit Offer, the advice of the IFA, and the recommendation of the independent directors of Evergro regarding the Exit Offer, and the Notice of the Extraordinary General Meeting (“EGM”). The EGM to be convened will seek the appropriate shareholders’ approvals for the Delisting Proposal.

The Delisting Proposal is made pursuant to Rules 1307 and 1309 of the listing manual of the SGX-ST.

The directors of Keppel Land (including any director of Keppel Land who may have delegated detailed supervision of this press release) have taken all reasonable care to ensure that the facts stated and opinions expressed herein (other than those relating to Evergro) are fair and accurate and that, where appropriate, no material facts have been omitted from this press release, the omission of which would make any statement in this press release (other than those relating to Evergro) misleading. Where any information in this press release has been extracted or reproduced from published or otherwise publicly available sources or obtained from Evergro, the sole responsibility of the directors of Keppel Land has been to ensure that such information has been accurately and correctly extracted from such sources or, as the case may be, accurately reflected or reproduced in this press release. The directors of Keppel Land jointly and severally accept responsibility accordingly.

The directors of Evergro (including any director of Evergro who may have delegated detailed supervision of this press release) have taken all reasonable care to ensure that the facts stated and opinions expressed herein (other than those relating to Keppel Land and parties acting in concert with them) are fair and accurate and that, where appropriate, no material facts have been omitted from this press release, the omission of which would make any statement in this press release (other than those relating to Evergro and parties acting in concert with them) misleading. Where any information in this press release has been extracted or reproduced from published or otherwise publicly available sources or obtained from Keppel Land, the sole responsibility of the directors of Evergro has been to ensure that such information is accurately and correctly extracted from such sources or, as the case may be, accurately reflected or reproduced in this press release. The directors of Evergro jointly and severally accept responsibility accordingly.

 

This press release is also available at www.kepcorp.com, www.keppelland.com.sg and www.evergro.com.sg.

 http://www.kepcorp.com/press/press.asp?RID=2105&L=&Y=2009&Q=3 – Keppel Land Limited ("Keppel Land") and Evergro Properties Limited ("Evergro") today jointly announced ("Joint Announcement") the proposed voluntary delisting ("Delisting Proposal") of Evergro from the Singapore Exchange Securities Trading Limited ("SGX-ST").