Paragon REIT unitholders approves privitisation

The REIT is expected to delist on 6 June 2025.

Unitholders of Paragon REIT have approved the scheme resolution of Cuscaden Peak Pte. Ltd to take the trust private, a bourse filing said.

During a scheme meeting convened on 22 April at the Simpor Junior Ballroom, Level 4, Sands Expo & Convention Centre in Singapore, 82.78% of Minority Unit holders voted for the privatisation.

Following this, the Paragon Manager will be submitting its application to the Court for the sanction of the Scheme by the Court under Order 32 of the Rules of Court. The court hearing for the privatisation is expected to be held on or before 13 May 2025

The company also expects the last day of trading to be on 14 May 2025, whilst Paragon REIT is expected to be delisted on 6 June 2025.

Cuscaden Peak Pte. Ltd has made an offer to take Paragon REIT private for $0.98 in cash per unit last February.

Cuscaden Peak rationalises its offer of privatisation by citing low trading activity and limited investor interest in Paragon REIT, which has hindered its ability to raise capital and expand its portfolio. Since its IPO in 2013, the REIT’s total assets have grown at a slower pace compared to its peers.

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