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SGX-ST ReleaseMacquarie International Infrastructure Fund Limited (MIIF)
MIIF REACHES FINANCIAL CLOSE ON SALE OF HUA NAN EXPRESSWAY AND DECLARES SHARE REDEMPTION Singapore, 14 September 2015 - Further to the announcement on 15 May 2015, Macquarie International Infrastructure Fund Limited ("MIIF") today announced that it has reached financial close on the sale of its 90.0 per cent interest in South China Highway Development (H.K.) Ltd, which in turn holds a 90.0 per cent interest in Hua Nan Expressway, to Topwise Consultants Limited. The sale consideration amounts to S$110.0 million. Use of Proceeds
As disclosed in the circular to shareholders of MIIF (the "Shareholders") dated 3 July 2015, MIIF will distribute the net proceeds of the sale and any excess cash following the settlement of its liabilities (the "Net Amount") to the Shareholders, by way of a redemption of the ordinary shares in the capital of MIIF ("MIIF Shares") (the "Share Redemption"), other than two MIIF Shares which will be retained by Macquarie Infrastructure Management (Asia) Pty Limited ("MIMAL"), the manager of MIIF. The Share Redemption is expected to complete on 21
October 2015 (the "Share Redemption Date").
The Net Amount to be distributed to Shareholders by way of Share Redemption is expected to be no less than 8.25 Singapore cents per MIIF Share (the "Share Redemption Price"). The final Share Redemption Price will be announced following the Record Date (as defined below).
The Share Redemption will lead to the delisting of MIIF from the Singapore Exchange Securities Trading Limited (the "SGX-ST") and its subsequent winding up. Following the Share Redemption and the delisting of MIIF, MIMAL as the manager of MIIF and the only remaining Shareholder will assume responsibility for the winding up of MIIF, including bearing all costs related to the winding up process.
Share Redemption Price (estimated) | 8.25 Singapore cents per MIIF Share |
Suspension of Trading | 18 September 2015 |
Record Date | 22 September 2015 |
Share Redemption Date | 21 October 2015 |
In anticipation of the Share Redemption, trading of MIIF Shares on the SGX-ST will be suspended with effect from 9.00 a.m. on 18 September 2015.
Record Date
The record date (the "Record Date") for the purpose of determining the entitlements of
Shareholders to the Share Redemption will be 5.00 p.m. on 22 September 2015.
Registrable transfers received by MIIF's Singapore share transfer agent, M&C Services Private Limited at 112 Robinson Road #05-01 Singapore 068902 up to the Record Date will be registered before entitlements to the Share Redemption are determined.
Shareholders with securities accounts with The Central Depository (Pte) Limited (the "CDP") which are credited with MIIF Shares by the Record Date will be entitled to the distributions from the Share Redemption (the "Share Redemption Distributions") in respect of such MIIF Shares.
In respect of MIIF Shares held in securities accounts with the CDP, the Share Redemption Distributions in respect of such MIIF Shares will be paid by MIIF to the CDP and the CDP will in turn distribute such Share Redemption Distributions to the CDP account holders in accordance with its normal practice.
Shareholders whose MIIF Shares are not deposited with the CDP will have cheques for the Share Redemption Distributions in respect of their MIIF Shares despatched to them by ordinary post at their own risk.
Shareholders should consult their own tax advisors concerning the application of Singapore income tax law to their particular situations as well as any consequences of the Share Redemption under the laws of any taxing jurisdiction. Neither MIIF nor its directors accept responsibility for any tax effects or liabilities resulting from the Share Redemption.
For further information, please contact:
Andrew Yeoh | Fiona McDonald | ||
Investor Relations, Singapore | Corporate Communications, Hong Kong | ||
Tel: | (65) 6601 0765 | Tel: | (852) 3922 3591 |
Email: | miif@macquarie.com | Email: | fiona.mcdonald@macquarie.com |
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