AP Land adjourned EGM on Nov 15

KUALA LUMPUR (Nov 8): AP Land Bhd's adjourned EGM will be held on Nov 15 at the Tasik Puteri Golf & Country Club, Kundang, Selangor.

A company statement on Tuesday said the EGM was to consider and if thought fit, passing with or without modifications the relevant resolutions in the notice of adjourned EGM.

To recap, on Oct 26, the EGM ended mid-way following a discrepancy in the company's circular to shareholders, pertaining to the proposed offer from 34%-owned shareholder Low Yat Holdings Sdn Bhd (LYH) to buy all the assets and liabilities of AP Land for RM305.2 million or 45 sen per share.

The discrepancy was due to an inconsistency between AP Land audit committee's findings and the directors' recommendation.

The audit committee found the offer price to be a reasonable premium on the last transacted price on Jan 10, but agreed with independent adviser MIDF Amanah Investment Bank Bhd that from a financial point of view the deal was "not fair" due to the large discount on the net assets per share.

The directors' recommendation however stated, "our board (save for the interested directors) is of the opinion that the proposed disposal is fair and reasonable and in the best interests of AP Land and its non-interested shareholders."

While the offer was at an 8% premium to AP Land's closing price of 41.5 sen prior to the announcement, it is a 57% discount to the adjusted audited net assets per share of RM1.04 as of Dec 31, 2010.

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