The Public Offer attracted strong interest and was approximately five times over-subscribed.
Due to the overwhelming demand, the Company has exercised the Upsize Option in full, resulting in an increase of the total Offer size to S$400,000,000 in aggregate liquidation preference of the Class A Cumulative Preference Shares. The Public Offer, the Reserve Offer and the Placement accounted for S$200,000,000, S$10,000,000 and S$190,000,000 respectively of the total Offer size of S$400,000,000.
At the close of the Placement, applications were received for approximately S$1,400,000,000 in aggregate liquidation preference of the Class A Cumulative Preference Shares. Under the Placement, more than 70% of the Class A Cumulative Preference Shares was allocated to private banks, and the remaining to asset managers and banks.
The Class A Cumulative Preference Shares are expected to be issued on 25 April 2011 and listed on the Main Board of the SGX-ST on and from 9.00 a.m. on 26 April 2011, subject to the SGX-ST being satisfied that all conditions necessary for the commencement of trading in the Class A Cumulative Preference Shares have been fulfilled. The Class A Cumulative Preference Shares will be traded in board lots of 10 Class A Cumulative Preference Shares. Dealing in and quotation of the Class A Cumulative Preference Shares on the SGX-ST will be in Singapore dollars.
The approval-in-principle from the SGX-ST obtained on 12 April 2011 for the listing of and quotation for the Class A Cumulative Preference Shares is not to be taken as an indication of the merits of the Class A Cumulative Preference Shares, the Offer, the Company and/or its subsidiaries.
At the close of the Public Offer, valid applications were received for S$1,011,718,000 in aggregate liquidation preference (or 10,117,180) of the Class A Cumulative Preference Shares. To ensure a reasonable spread of the Class A Cumulative Preference Shareholders, the Company has decided on the following basis of allotment for the Class A Cumulative Preference Shares under the Public Offer:
(Number of shares applied) : (Number allocated)
100 : 30
110 to 290 : 50
300 to 490 : 70
500 to 990 :110
1,000 to 1,990 : 180
2,000 to 2,990 : 340
3,000 to 4,990 : 490
5,000 to 7,490 : 730
7,500 to 9,990 : 1,200
10,000 to 19,990 : 1,450
20,000 and above : 3,170