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KUALA LUMPUR: Kuala Lumpur Kepong Bhd
(KLK) went ahead and posted its offer document to MP Evans Group PLC’s shareholders on Friday despite MP Evans board’s rejection of its sweetened offer and claim of having the support of shareholders controlling almost 41% of its issued share capital,
In a filing with Bursa Malaysia, KLK said the document containing the full terms and conditions and procedures for acceptance of the offer and the associated form of acceptance would be posted to MP Evans’ shareholders on Friday.
The first closing date of the offer is Dec 9, 2016.
KLK reiterated that its unit KL-Kepong International Ltd’s (KLKI) revised offer, at 740 pence per share compared with the 640 pence previously, was final and “not capable of being increased”.
However, KLKI reserves the right to increase the offer price in the event of a public announcement of the existence of a new offeror or potential new offeror, or on the recommendation of such an increased offer by the board of the London-listed plantation company.
In its statement to London’s Alternative Investment Market (AIM) where MP Evans is listed, KLK noted MP Evans’ announcement on Nov 16 of its (MP Evans’) receipt of letters of intent from certain MP Evans shareholders representing, in aggregate, 40.85% of the issued share capital of MP Evans.
KLK said: “MP Evans shareholders should note that the letters of intent do not bind the shareholders who have signed them.
“Indeed, they expressly provide for any such MP Evans shareholder simply to notify MP Evans if it no longer intends to reject the increased offer, with the effect that the MP Evans shareholders who have entered into the letters of intent can freely accept the increased offer at any time.”
MP Evans’ board had announced on Tuesday that it was unanimously rejecting the improved offer and “strongly urged” its shareholders not to sell their shares.
In a subsequent statement, its chairman Peter Hadsley-Chaplin said: “KLK continues to fail to recognise the true value of the company and its unique position within its industry. MP Evans is worth very substantially more than 740 pence per share.
“The board’s view in this regard is corroborated by the early and unequivocal support of a large proportion of our shareholder base. Shareholders’ best interests are served by rejecting this offer.”
In Indonesia, MP Evans has 23,548 planted hectares of majority-held oil palm plantations and 8,100 planted hectares of associate owned estates.
In Peninsular Malaysia, it has a 40% stake in property firm Bertam Properties Sdn Bhd.
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