Thu, 31/07/2014 - 10:08
DAMAC Properties Dubai has made an offer to eligible holders of GDRs representing ordinary shares of Damac Real Estate Development (DRED) to exchange their GDRs for DAMAC shares at the exchange ratio of 23.0769231 DAMAC shares for each GDR.
The offer is conditional upon the admission of the DAMAC shares to trading on the Dubai Financial Market.
The offer is only open to those GDR holders who are “eligible holders” as defined in the offering circular to be made available shortly to certain “qualifying GDR holders”. Each eligible holder may tender up to 100 per cent of the GDRs held by it.
DAMAC’s board of directors has decided to launch the offer in order to give eligible holders the opportunity to exchange their GDRs for DAMAC shares, which will be tradeable on the DFM following DFM Admission. DAMAC believes that seeking and maintaining a DFM listing for DAMAC shares is a logical extension of its focus on the core markets in which it operates and should enable it to further develop its profile in the Middle East region and attract a broader investor base. This should, in turn, enhance the trading liquidity in DAMAC shares.
The offer is open for acceptances from 12.00 noon (London time) on 30 July 2014, and will expire at 5:00 p.m. (Central European Time or New York time) on 2 September 2014.
DAMAC has no current intention to de-list the existing GDRs from the London Stock Exchange or to cancel the GDR programme, and GDR holders who do not partake in the offer will continue to hold their GDRs.
Damac Real Estate Development Limited‘s executive chairman and chief executive officer Hussain Sajwani says: “Today’s announcement follows DRED’s listing in London last year and is another key milestone in our history as we offer investors the opportunity to hold DAMAC shares traded on the DFM. The offer demonstrates our confidence in our home market of Dubai and our commitment to the DFM, which will allow our large domestic investor base to trade our shares on their local market.
“Those investors who choose not to participate in the offer will continue to hold their GDRs, which will remain traded on the London Stock Exchange. However, the board of Damac Real Estate Development Limited and I strongly encourage eligible holders to accept the offer by tendering all of their GDRs in exchange for DAMAC shares. We now look forward to joining other prominent Dubai companies on the DFM as we continue to work hard to create value for our investors.”
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