23 Oct
2000

The Ascott Limited Shareholders Voted Overwhelmingly in Favour of Merger with Somerset Holdings Limited

The Ascott Limited shareholders at the Extraordinary General Meeting (EGM) convened earlier today voted overwhelmingly to support the proposed merger with Somerset Holdings Limited (Somerset) to create Asia Pacific's largest serviced apartment company. The new merged entity will have more than 6000 units of apartments worth more than $1 billion, with operations in 16 cities spread over 10 countries.

Mr Ed Ng, Chairman of the company said, "We would like to express our appreciation to all our shareholders for their confidence and support in the merits of the proposed merger with Somerset."

"We are elated with the EGM results. We have overwhelming endorsement from our shareholders. I believe the merger presents a combined company that is well positioned for greater customer focus, for stronger growth, and for higher shareholder returns. With the merger, The Ascott Limited is strongly anchored to achieve its vision to become a leading global serviced residence company", added Mr Ed Ng.

Voting Patterns

At the EGM held today, shareholders voted unanimously in favour of all the resolutions proposed. The results of the voting by poll are as follows:

Resolution 1: to approve the merger with Somerset Holdings Limited
For : 100%
Against : 0%

Resolution 2: to approve the Whitewash Waiver
For : 100%
Against : 0%

Resolution 3: to approve the adoption of the Ascott Share Option Plan
For : 100%
Against : 0%

Resolution 4: to approve and authorise the grant of options with subscription prices at not more than 20% discount to the market price
For : 100%
Against : 0%

Resolution 5: to approve and authorise the grant of options to Parent Group Employees/Directors
For : 100%
Against : 0%

Resolution 6: to appoint KPMG as the Auditors of the company
For : 100%
Against : 0%
 


 

Adeline Wong Assistant Manager Corporate Communications
The Ascott Limited
Hp: (65) 9844 0418
Fax: (65) 737 0019
Email: adelinew@the-ascott.com