When the major shareholder (GIC) is ready to sell, the other insiders (Mgt and minor stake partners) are ready to pounce. A bidding war hopefully?
UPDATE ON STRATEGIC REVIEW
Global Logistic Properties Limited (the “Company”) refers to its announcements released on 1 December 2016 and 5 January 2017 (collectively, the “Previous Announcements”) in relation to the
independent strategic review of options available for its business (the “Strategic Review”). Further to the Previous Announcements, the Company wishes to update that it has received various non-binding proposals from a number of parties in connection with the Strategic Review. A special committee, consisting of four independent directors and chaired by Dr. Seek Ngee Huat, Chairman of the Board, which was constituted to oversee the Strategic Review (the “Special Committee”) will be evaluating such proposals with the assistance of its financial adviser, J.P. Morgan (S.E.A.) Limited, and its legal adviser, Allen & Gledhill LLP. The Company wishes to emphasise that no definitive transaction has been entered into by the Company with any party and there is no assurance that any transaction will materialise from such proposals or the Strategic Review. The Company will make an appropriate announcement in the event of any material developments.
The Company is mindful that the Strategic Review be undertaken independently and in the interests of all shareholders, and has undertaken measures to alleviate potential conflicts of interest. Mr Ming Z. Mei, the Chief Executive Officer and an Executive Director of the Company, has an interest in one of the parties which has submitted a non-binding proposal to the Company. At the commencement of the Strategic Review, Mr Mei had recused himself from all Board discussions and decisions relating to the Strategic Review. Mr Fang Fenglei, a Non-Executive and Non-Independent Director of the Company, has an interest in one of the parties which has submitted a non-binding proposal to the Company. At the commencement of the Strategic Review, Mr Fang had recused himself from all Board discussions and decisions relating to the Strategic Review.
http://infopub.sgx.com/FileOpen/Update_A...eID=437931