16 Nov
2000

Last Day For Trading Somerset Shares is Tuesday, Pending The Company Merger With The Ascott

Somerset Holdings' shares will trade for the last time on Tuesday next week, Nov 21, pending the company's merger with The Ascott Limited taking effect from Saturday Nov 25.

The new Ascott shares to be issued to existing Somerset shareholders pursuant to the merger will begin trading from Monday Nov 27. Somerset shares will be de-listed from the Singapore Exchange Securities Trading (SGX-ST) on the same day.

Somerset's Transfer Books and Register of Members will be closed from Friday Nov 24 at 5pm to determine the entitlements of Somerset shareholders to the Ascott shares. Shareholders with Somerset shares in their CDP Securities Accounts and shareholders registered in the Register of Members, as at 10 pm on Friday Nov 24, will be allotted new Ascott shares based on the exchange ratio of 0.93 Ascott share for one Somerset share.

Following the effective date of the merger, Saturday Nov 25, the Central Depository (CDP) will inform all shareholders of the number of new Ascott shares credited to their Securities Accounts.

Odd lots

Somerset shareholders with odd lots of Ascott shares, arising from the conversion of Somerset shares into Ascott shares, will receive an offer from a subsidiary of Pidemco Land giving shareholders the right to purchase from it the additional Ascott shares required to round up their odd lots to board lots.

For example, a shareholder with 1000 Somerset shares will have 930 Ascott shares after the merger. Such shareholder will be offered the right to purchase up to 70 Ascott shares to round up his odd lots to a board lot.

This offer of Ascott shares is an off-market arrangement such that Somerset shareholders will not incur brokerage fees in purchasing the odd lots of Ascott shares.

The offer stating the number of Ascott shares offered, price and instructions for acceptance will be sent to all Somerset shareholders after the merger becomes effective. The price of the odd lots offered will be based on the average price of Ascott shares over a number of days after the merger comes into effect.

Alternatively, if a shareholder wishes to trade his odd lots of Ascott shares on the SGX-ST, Somerset has made arrangements with four designated brokers who have agreed to participate in the trading of odd lots of Ascott shares, on a best effort basis for 10 market days, from Monday Nov 27 to Friday Dec 8.

The brokers are Phillip Securities Pte Ltd, Vickers Ballas & Co Pte Ltd, Kim Eng Securities (Pte) Ltd and Kay Hian Pte Ltd.

The participation by these brokers should help improve the liquidity of odd lots of Ascott shares, for shareholders who choose to buy or sell their odd lots through SGX-ST. However, shareholders trading through the SGX-ST would incur the usual brokerage fee.

 

Timetable of Events
Last day for trading of Somerset Shares

Timetable of Events
Last day for trading of Somerset Shares Tuesday November 21
Books Closure Period Friday November 24 at 5 pm to
Sunday November 26 at 5 pm
Effective Date of Merger Saturday November 25
Commencement date for the trading and quotation of the new Ascott Shares Monday November 27 at 9 am
Date for the delisting of Somerset Shares Monday November 27
Commencement date for the trading of odd lots of Ascott Shares with participating Brokers Monday November 27 at 9 am
Last date for trading of odd lots of Ascott Shares with participating Brokers Friday December 8 at 5 pm

 

 

Ida Lim, Vice President

Investor Relations & Corporate Communications

Tel: 65867-230

Hp: 9-628-8339

Fax: 62272-220

 

Tay Cheng Cheng, Assistant Manager

Investor Relations & Corporate Communications

Tel: 65867-231

Pgr: 9-2660-127

Fax: 62272-220

 

Issued by: Somerset Holdings Limited