THE Temasek Holdings unit that last October made a voluntary pre-conditional partial offer for Keppel Corporation will decide by end-August whether to invoke the material adverse change (MAC) pre-condition based on Keppel's second quarter results. Read more at The Business Times.
The MAC pre-condition requires, among other things, that the cumulative net profit after tax but before non-controlling interests of the group for the 12 months up to and including the end of the financial period in the latest financials to be more than S$556.9 million. This threshold represents a decrease of 20 per cent from the cumulative PAT of the group for the 12 months ended Sept 30, 2019 of S$696 million.
Keppel's Q2 FY2020 group PAT was negative S$698.8 million; based on this, the group's cumulative PAT for the 12 months up to and including June 30, 2020, is negative S$164.7 million."Accordingly, if the MAC pre-condition was assessed based on the Q2 2020 results, the MAC pre-condition would not be satisfied," Morgan Stanley said.
"In consultation with the Securities Industry Council of Singapore, the offeror will disclose, as soon as a decision is made and by no later than Aug 31, 2020, if it intends to invoke the MAC pre-condition based on the Q2 2020 results. "If the MAC pre-condition is invoked by the offeror, the pre-conditional partial offer will be withdrawn."For daily updates on weekdays and specially selected content for the weekend. Subscribe to
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Temasek to decide on $4.1 billion offer for Keppel by Aug 31: AdviserSINGAPORE (REUTERS) - Temasek Holdings has not yet decided whether to invoke a material adverse change (MAC) clause in its $4.1 billion conditional offer for Keppel Corp, adviser Morgan Stanley said on Saturday (Aug 1).. Read more at straitstimes.com.
Read more »
Temasek to decide on $4.1 billion offer for Keppel by Aug 31: AdviserSINGAPORE (REUTERS) - Temasek Holdings has not yet decided whether to invoke a material adverse change (MAC) clause in its $4.1 billion conditional offer for Keppel Corp, adviser Morgan Stanley said on Saturday (Aug 1).. Read more at straitstimes.com.
Read more »
Libra Group gets interim extension of moratoria until Aug 20 hearingCATALIST-LISTED Libra Group and its sole operating subsidiary have been given interim debt moratoria until an adjourned court hearing on Aug 20, the board said on Friday night. Read more at The Business Times.
Read more »
While You Were Sleeping: 5 stories you might have missed, Aug 1A selection of news stories that happened overnight, Aug 1, 2020.. Read more at straitstimes.com.
Read more »
Malaysia implements mandatory mask-wearing in crowded places from Aug 1PETALING JAYA (THE STAR/ASIA NEWS NETWORK) - From Saturday (Aug 1), Malaysians will be joining their counterparts in places such as Singapore, Hong Kong, Vietnam, and Victoria in Australia where face masks are mandatory in public spaces to stem the tide of Covid-19 infections.. Read more at straitstimes.com.
Read more »