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20 Nov 2012 08:02
20 November 2012
Aseana Properties Limited
(the "Company")
Update on Proposed Return of Capital and Reorganisation
On 8 October 2012, the Company announced that it would not at that time be proceeding with the proposals that it announced in July 2012 ("Proposal") as it has been unable to secure broad support from shareholders. Additionally, the Board reiterated that the timing of the Tender Offer would also be dependent upon the realisation of the Company's assets.
In the Interim Management Statement released today, the Company announced that it has not achieved the level of sales at SENI Mont' Kiara that had been expected earlier in the year. As a consequence, the Board believes that with insufficient sales at SENI Mont' Kiara to provide the funds, which it had intended to return to shareholders and as it is not satisfied that it has the breadth of support it requires for the Proposal, it will not now be in a position to proceed with the Proposal.
When the Board announced the Proposal, its overall intention was to return capital to shareholders, look to reduce the discount at which the Company's shares trade compared to its net asset value and provide an on-going strategy for the Company. This remains the Board's overall intention. However, the Company will need to achieve the necessary level of sales and a broad level of support amongst its shareholders for any proposals that it puts forward. At this time there are diverse views amongst shareholders. The Board and its advisers will continue to see if they can develop proposals that will command broad support.
For further information:
Aseana Properties Limited | Tel: +603 6411 6388 |
Chan Chee Kian | Email: cheekian.chan@ireka.com.my |
Murphy Richards Capital LLP | Tel: 020 3214 9930 |
Paul Richards / Rachel Rees | Email: paul@murphy-richards.com |
N+1 Singer | Tel: 020 7496 3000 |
James Maxwell (Corporate Finance) / Sam Greatrex (Sales) | |
Tavistock Communications | Tel: 020 7920 3150 |
Jeremy Carey / James Verstringhe | Email: jcarey@tavistock.co.uk |
Notes to Editors:
London-listed Aseana Properties Limited (LSE: ASPL) is a property developer investing in Malaysia and Vietnam.
Ireka Development Management Sdn Bhd ("IDM") is the exclusive Development Manager for Aseana. It is a wholly-owned subsidiary of Ireka Corporation Berhad, a company listed on the Bursa Malaysia since 1993, which has over 45 years of experience in construction and property development. IDM is responsible for the day-to-day management of Aseana's property portfolio and the introduction and facilitation of new investment opportunities.
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