Date: December 7, 2015
“Whilst it is sad to see another Singapore flagship company likely to be sold, I note the positive aspects in this Offer, which shareholders will, no doubt take into consideration in determining the Offer. These are that the proposed cash acquisition of NOL at SGD 1.30 represents a 49% premium to NOL’s share price, it is fully financed and more importantly, Temasek, NOL’s majority shareholder, (according to the joint press statement) fully supports the transaction and have irrevocably undertaken to tender all of their shares into the Offer. It is also positive that CMA CGM will establish its regional head office in Singapore, which will reinforce Singapore’s leadership position in the shipping industry. Shareholders will , ofcourse, await the IFA report on the reasonableness of the Offer and vote on it”
Kind Regards
David Gerald
Founder, President & CEO
Securities Investors Association (Singapore)
