Australand to delist from SGX

The Group no longer finds the need for the secondary listing and will just continue to maintain its primary listing on the Australian Securities Exchange.

Australand Property Group considered both the costs and benefits of its stapled securities being listed on the Singapore Exchange. It has been listed on the ASX with a secondary listing on the SGX since June 1997.

The Group has applied for the voluntary delisting of its securities from the SGX and has been informed by the SGX that it has no objection to the Group’s proposed Delisting. No general meeting will be convened to obtain the approval of the Australand securityholders to the Delisting as the Listing Manual of the SGX does not require the Group to hold such a general meeting.

Prior to the Delisting, securityholders who hold Australand stapled securities deposited on the Central Depository (Pte) Limited and traded on the SGX may elect to have their Australand SGX Securities sold on the ASX through a security sale facility.

Australand SGX Securities participating in the Exit Offer will be allocated into batches according to the week in which the Exit Offer Form of Acceptance and Authorisation relating to those Participating Securities is processed (with the cut-off date for each batch being on the Wednesday of each week). The Participating Securities will then be sold on the ASX by Macquarie Securities (Australia) Limited which has been appointed by Australand to sell Participating Securities under the Exit Offer.

The price which participants in the Exit Offer will receive for each Participating Security will be calculated as the volume weighted average price achieved by the Broker for the sale of all Participating Securities sold by the Broker for the batch in which the Participating Securities are sold. All securityholders who participate in the Exit Offer will receive the same average price per Participating Security sold in the same batch as their Participating Securities.

Eligible securityholders who do not return a FAA will be deemed to have elected not to participate in the Exit Offer and will have their Australand SGX Securities transferred from the CDP to the Australian register with those securities then being tradeable on the ASX.