Paragon REIT independent directors push unitholders to OK privatisation

The scheme consideration of $0.0098 per unit represents a 7.1% premium.

Independent directors of Paragon REIT believe that the privatisation offer of Cuscaden Peak Investments is the "most attractive and credible option available," which could deliver immediate deal certainty.

On 27 March, Paragon REIT issued a scheme document regarding its proposed privatisation and delisting by Cuscaden Peak Investments through a scheme of arrangement.

According to the document, the independent financial adviser (IFA) has reviewed the relevant factors outlined in the IFA letter and concluded that the terms of the scheme are fair and reasonable.

The scheme consideration of $0.0098 per unit represents a 7.1% premium to the adjusted Net Asset Value (NAV), which equates to a price or adjusted NAV multiple of 1.07 times.

The deadline for lodging Proxy Form A (for the EGM) and Proxy Form B (for the scheme meeting) is 19 April at 2:30 p.m. and 3 p.m., respectively. The EGM and scheme meeting are scheduled to take place on 22 April at 2:30 p.m. and 3 p.m., respectively.

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