Keppel Limited

[ghchua]

Firstly, someone twist that the minorities may get stucked when outcome is>90% but <95 .5%.

Then he proceed to twist that the minorities can get stucked even when 95.5% is hit.

I wish to say this again and I repeat - You will not get stuck. If the Offeror gets ">90% but <95 .5%" or "more than 95.5%", you have the right under Section 215(3) to request the Offeror to acquire your shares under the same terms as the takeover offer.

I must also add that Keppel Corp had said the following in their letter to Keppel Land shareholders:

"13.3 Compulsory Acquisition
Pursuant to Section 215(1) of the Companies Act, in the event that the Offeror reaches or
exceeds the Compulsory Acquisition Threshold, the Offeror will be entitled to exercise the
right to compulsorily acquire all the Shares of Dissenting Shareholders on the same terms
as those offered under the Offer.
In such event, the Offeror intends to exercise its right to compulsorily acquire all the
Offer Shares not acquired under the Offer. The Offeror will then proceed to delist the
Company from the SGX-ST."

Therefore, as you can see, Keppel Corp intends to exercise its right to compulsorily acquire all the Shares of Dissenting Shareholders on the same terms as those offered under the Offer. So, no issue here.

What I am trying to say all along is that Section 215(1) on its own doesn't mean that the Offeror is bound to compulsorily acquire unless he exercise his right, which in this case Keppel Corp said that they would.

Hope that the above clarifies and sorry for the confusion.