Key Points
- Share transfer agreement with Ippan Shadan Hojin Future Flight (“Future Flight”) for the sale of 2 common shares (tokutei shusshi) in Frasers Commercial Osaka No.1 TMK (the “Osaka TMK”), which constitute 100.0% of the issued and outstanding common shares in Osaka TMK, and 2 shares (kabu) in Frasers Commercial Master Lessee KK (“Osaka MLKK”), which constitute 100.0% of the issued and outstanding shares in Osaka MLKK, for an aggregate consideration of JPY2 (less than S$1 ).
- Agreement with Credit Suisse Principal Investments Ltd. (“CS Principal”) for the sale of an aggregate of 65,964 preference shares (yuusen shusshi) in Osaka TMK, which constitute 100.0% of the issued and outstanding preference shares in Osaka TMK, for an aggregate consideration of JPY2 (less than S$1 ).
- The net asset value of Osaka TMK and Osaka MLKK as at 30 September 2010 was negative JPY468.7 million (S$7.34 million ).
- The Divestment will result in a gain of JPY468.7 million (S$7.28 million).
- Upon the completion of the Divestment, FCOT and its relevant subsidiaries will have no further interest in Cosmo Plaza, the Osaka TMK and the Osaka MLKK.
- The Divestment would result in a reduction in FCOT’s aggregate leverage from 39.6% to 37.6% based on the audited financial statements of FCOT as at 30 September 2010.
- Occupancy rate for FCOT’s portfolio as at 30 September 2010 would have improved from 90.8% to 96.5% assuming the Divestment had been completed on 30 September 2010.
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