VOTE YES to the proposed merger of MCT and MNACT
MCT and MNACT have announced the addition of a Cash-Only consideration component to the existing Scrip-Only and Cash-and-Scrip options.
The new component means that every MNACT unitholder receives S$1.1949 in cash per MNACT unit. That's equal to MNACT's adjusted NAV as of September 2021 and almost 9% above the implied offer price of S$1.1 of the last weeks.
We believe the cash offer is fair and a win-win for all parties.
We will VOTE YES to the proposed merger.
MNACT has a strong and attractive property portfolio and a number of key catalysts such as positive rental reversions and increase in NAV of Festival Walk in 2023, which can drive the growth of DPU and NAV of the enlarged entity.
The merger provides a successful platform which MCT can leverage on to undertake attractive and DPU accretive acquisitions in Asia Pacific.
The increase in weight of the enlarged entity in key indices such as the FTSE NAREIT Developed and Developed Asia can further drive a rerating in the unit price of the enlarged entity.
We thank the Mapletree managers and sponsor for taking prompt actions in addressing the concerns of unitholders with regards to the proposed merger.
The Cash-Only Option shows Mapletree’s confidence in the potential of the enlarged entity and is a strong statement of its commitment to corporate governance and unitholders.
This clearly differentiates the high quality of Mapletree as a sponsor.
We have retracted our letter to MAS.
We thank all unitholders who undertook the engagement together with us.
Quarz supports the merger and looks forward to being a long-term unitholder of the enlarged entity.
This website and the information contained herein (collectively referred to as "the Website") are being made available to all unitholders of Mapletree North Asia Commercial Trust (SGX: RW0U). Quarz Capital ("Quarz") is the investment manager of private funds (the “Quarz Funds”) that own units in Mapletree North Asia Commercial Trust (SGX: RW0U). Quarz has created this Website to enable visitors to carefully monitor how the board and management of Mapletree North Asia Commercial Trust (SGX: RW0U) address our Proposals, listen to unitholders’ views and endeavours to increase the value of the Mapletree North Asia Commercial Trust (SGX: RW0U) units in the best interest of all unitholders (please read our disclaimer and data privacy rules carefully).