Keppel Limited

[ghchua]

Dear all,

I think we must look at the compulsory acquisition and delisting due to not enough free float as two different issues altogether. Compulsory acquisition is covered under the Companies Act while delisting due to not enough free float is covered under SGX Listing Manual.

We know that the $4.60 will be offered to accepting Keppel Land shareholders only when Keppel Corp hit the Compulsory Acquisition Threshold (i.e. 95.5% of the total number of issued shares). Delisting due to not enough free float will be at a later stage and at this point in time, we do not know how much Keppel Corp will offer until we come to that stage. Having said that, I don't think Keppel Corp would offer $4.60 for delisting if they cannot hit the Compulsory Acquisition Threshold and only pays $4.38 for the offer shares. Why would they want to do that? It would have leave a bad taste in the mouth for those who accepted the offer in the first place.