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ARA Asset solicits consents to amend 5.65%, 5.6% perpetual securities
By Marisa Wong
Los Angeles, Oct. 22 – ARA Asset Management Ltd. has begun a solicitation of consents in connection with its S$300 million 5.65% series 002 subordinated perpetual securities (ISIN: SG7ND7000003) and S$350 million 5.6% series 004 subordinated perpetual securities (ISIN: SGXF15643061), according to a notice.
The company is asking holders to approve extraordinary resolutions under each series to amend the definition of change-of-control event and insert provisions relating to benchmark discontinuation and replacement.
The company is offering a 0.4% early consent fee to holders who deliver voting instructions by 5 a.m. ET on Nov. 9.
Holders have until Nov. 16 to request consent solicitation materials, register for the securityholders meeting and submit proxy forms or voting instructions. The expiration time is 4 a.m. ET on Nov. 16 for the series 002 securities and 5 a.m. ET on Nov. 16 for the series 004 securities.
Meetings will be held electronically on Nov. 18 for holders to vote on the extraordinary resolutions. The meeting time is 4 a.m. ET on Nov. 18 for the series 002 securities and 5 a.m. ET on Nov. 18 for the series 004 securities.
The quorum required at each meeting is two or more persons representing 75% of the relevant series. If a meeting is adjourned, the quorum will drop down to two or more persons representing 25% of the relevant series.
A majority of at least 75% of the votes cast must be in favor of the extraordinary resolution in order for it to pass.
DBS Bank Ltd. (liabilitymanagement@dbs.com) and Oversea-Chinese Banking Corp. (liabilitymanagement-2@ocbc.com) are the solicitation agents.
Tricor Singapore Pte. Ltd. is the meeting agent.
ARA Asset noted that it does not expect to amend the terms and conditions of its S$300 million 5.2% subordinated perpetual securities (ISIN: SG7EB6000007), so those securities are not part of the consent solicitation.
The real estate asset manager is based in Singapore.
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