Court moves MNACT’s trust application scheme hearing on 21 February

It was originally scheduled for 18 February.

Mapletree North Asia Commercial Trust’s (MNACT) first court hearing on its trust scheme application has been rescheduled to 21 February at 10 a.m.

Initially, the court had directed that the application for leave to convene the Trust Scheme Meeting be set for 18 February at 2:30 p.m.

The hearing to be held is in relation to the proposed merger of the Mapletree Commercial Trust (MCT) and MNACT which will be effected through the acquisition by MCT of all the issued and paid-up units of MNACT by way of a trust scheme of arrangement.

With the merger, MNACT Unitholders are expected to receive a scheme consideration of $1.1949 for each MNACT Unit held by MNACT Unitholders as of the record date to be announced.

This will be satisfied either by 0.5963 new MCT Units at an issue price of $2.0039 per MNACT Unit or a combination of 0.5009 Consideration Units and S$0.1912 in cash.