Progress towards simplification
Following the announcement on 8 March 2021 that Jardine Matheson planned to acquire the 15% of Jardine Strategic that it does not already own, Jardine Strategic shareholders approved the transaction on 12 April 2021 with 92% of shares voted in favour.The acquisition paves the way for the next step in the simplification of our ownership structure and creates value for all our shareholders.
The Acquisition Price of $33.00 is fair and reasonable and represents a 29% premium to the one month VWAP.
8 February 2021
Acquisition Price $33.00
9 April 2021
Jardine Strategic | +29% | |
Announcement | share price | |
8 March 2021 | ||
VWAP (one month ended 5 March 2021) | $25.58 |
Significant benefits:
- Streamline the Group's parent company structure to allow for a more transparent ownership model
- Deliver a material enhancement in the Group's earnings per share and supporting the Group's dividend-paying capacity
- Increase the Group's financial and operational flexibility by removing the cross-holding structure
*VWAP = Volume-weighted average closing price
Fair value for both sets of shareholders | Trading surge in Jardine Strategic |
Similar value uplift compared to | driven by hedge fund interest |
VWAP (one month ended 5 March 2021): |
+29% | +21% | 42.7% |
Jardine Strategic | Jardine Matheson | Shares traded since |
offer price | share price, 9 April 2021 | announcement |
as % of free float |
4.4% | Shares traded |
over same period |
on average in last 3 years
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Disclaimer
Jardine Strategic Holdings Ltd. published this content on 12 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 April 2021 12:00:02 UTC.